Just that, if you embed an icon:
[Embed(source='icons/checkmark.png')]
private static var CheckMark:Class;
You end up with a dynamic class. You can pretty easily assign the icon to a button at runtime by calling the setStyle method:
var btn:Button = new Button();
btn.setStyle("icon", CheckMark);
But what if you wanted to alter the icon at runtime, like changing it's alpha value or even redrawing pixels, before assigning it to the button?
So far I can't find a satisfactory answer...