How about a blog?
Of course, some folks might consider it cliche, but it's also a fairly well-rounded sort of Web project -- there's some database-design in there, some app-dev in your language of choice, some SOA (Web services with SOAP or REST, maybe some RSS as well), some UI design, some UI dev in Flex, and so on.
It's also a familiar-enough idea to the kinds of folks who'll probably be interviewing you, so you won't have to spend lots of time explaining what it is before digging into the technical details, and it's non-trivial, but still something whose scope you can keep under control. I think it's a good project for learning a new Web technology in general.
In terms of which part does what, you might consider doing the CMS with Flex, the majority of the public-facing site with PHP (or Rails) and HTML/CSS, and then adding one or two Flex extras to that as well -- a photo gallery, maybe, or a video/media player. Or what the heck, be different -- just build the whole thing in Flex, like Adobe's done with its XD site.
Have fun and good luck!