There is an Adobe DevNet article that was published describing Flash Player Garbage Collection:
http://www.adobe.com/devnet/flashplayer/articles/garbage_collection.html
When you program in ActionScript your biggest concern related to memory is making sure that you do not keep references around to objects that are no longer needed. For example, when you add an event listener make sure that you also remove that event listener when it is no longer needed (or learn how to leverage weak references).
In my experience the Flex Framework is generally good at this type of memory bookkeeping. The memory footprint of your application will come down in part to how well you code with the garbage collector in mind.
If you do encounter issues with ever increasing memory, you can leverage the Profiler to take and compare memory snapshots in order to find leaking objects. You can find information about the Profiler here:
http://livedocs.adobe.com/flex/3/html/profiler_1.html