For a normal Flash/Flex application I would include my Unit Tests in my application project (perhaps in a tests source folder alongside my main src folder). I'd then have two application entry points: the app, and it's tests.
How are people doing this for their Flex Library Projects? You know, the kind that produces a SWC file. As far as I can tell, you can't set an executable entry-point for these projects (to run the tests).