This is just a follow up because this question has not actually been resolved yet. The thing I failed to mention orginally, is that these are SWFLoaders with loaded swf's that I need to know which one has changed visually. I did come up with a partial solution actually:
If I have say five SwfLoaders scattered throughout a page, and one becomes invalid, it will cause a render event to be broadcast, but I still don't know how to find out which one is actually invalid so basically I have to redraw my custom changes to all of the SWFLoaders that are visible, when only one becomes invalid (still better though than just firing on EnterFrame).
The problem is, I don't know how to monitor events in a sub application (i.e a loaded swf in an swf loader). I don't know if its a security issue or what, but I am unable to do so. I think there must be events in an actual swf in an swfloader which would indicate if it was the one that actually needed to be redrawn, but I can't monitor those events. I set TrustContent to true, and also tried running through a web server, but I can't seem to stumble upon the correct syntactic formula to access those events (getDefinitionByName? etc.) I'm thinking updateComplete or something coming from one of these loaded SWF would indicate it has changed. (Somehow or another though, the message that one of the SWFLoaders has changed is reaching the main Application.) If detecting something like this is trivial perhaps someone can provide me the method.
Thanks.