The new Vector class is a form of generics that Actionscript 3 now supports when compiled for Flash Player 10. They don't support the specification of your own generic classes, yet.
I think Adobe will implement the ES4 standard eventually. It would be nice if they had a competitor who could push them quicker in the right direction. I was expecting a little more from the updates to AS3 when they moved to CS4, but I suppose the revolutionary Vector class will have to suffice.
It looks like they spent a lot of time beefing up the libraries for Flex and AIR, so maybe they'll go back to improving the language support later, but it probably isn't a real priority. Remember, Adobe is in it for the money, not for the feel good of making the sweetest possible language.