The misconception is that you use verticalAxisRenderers instead of using the series tag. The renderers arrays are separate arrays that store the actual rendering of the Axis if you want to change it. The actual axis objects are stored in the series you use to show the data.
Here is an example:
<?xml version="1.0"?>
<!-- charts/MultipleAxes.mxml -->
<mx:Application xmlns:mx="http://www.adobe.com/2006/mxml">
<mx:Script><![CDATA[
import mx.collections.ArrayCollection;
[Bindable]
public var SMITH:ArrayCollection = new ArrayCollection([
{date:"22-Aug-05", close:41.87},
{date:"23-Aug-05", close:45.74},
{date:"24-Aug-05", close:42.77},
{date:"25-Aug-05", close:48.06},
]);
[Bindable]
public var DECKER:ArrayCollection = new ArrayCollection([
{date:"22-Aug-05", close:157.59},
{date:"23-Aug-05", close:160.3},
{date:"24-Aug-05", close:150.71},
{date:"25-Aug-05", close:156.88},
]);
]]></mx:Script>
<mx:Panel title="Column Chart With Multiple Series">
<mx:ColumnChart id="myChart"
dataProvider="{SMITH}"
showDataTips="true">
<mx:horizontalAxis>
<mx:CategoryAxis
dataProvider="{SMITH}"
categoryField="date"/>
</mx:horizontalAxis>
<mx:verticalAxisRenderers>
<mx:AxisRenderer placement="left" axis="{v1}"/>
<mx:AxisRenderer placement="right" axis="{v2}"/>
</mx:verticalAxisRenderers>
<mx:series>
<mx:ColumnSeries id="cs1"
dataProvider="{SMITH}"
xField="date"
yField="close"
displayName="SMITH">
<mx:verticalAxis>
<mx:LinearAxis id="v1" minimum="40" maximum="50"/>
</mx:verticalAxis>
</mx:ColumnSeries>
<mx:LineSeries id="cs2"
dataProvider="{DECKER}"
xField="date"
yField="close"
displayName="DECKER">
<mx:verticalAxis>
<mx:LinearAxis id="v2" minimum="150" maximum="170"/>
</mx:verticalAxis>
</mx:LineSeries>
</mx:series>
</mx:ColumnChart>
</mx:Panel>
</mx:Application>
You can read more about this at http://livedocs.adobe.com/flex/3/html/help.html?content=charts_types_12.html. Warning: don't use secondAxisRenderer because this is deprecated.