I have the same problem -- I take it no-one has found an answer yet?
The error I was getting is similar to the original poster's:
/Users/loc_admin/ContinuousIntegration/CruiseControl/projects/leadlaw/build.xml:40: The following error occurred while executing this line: /Users/loc_admin/ContinuousIntegration/CruiseControl/projects/components/build.xml:35: exec returned: 1
/Users/loc_admin/ContinuousIntegration/CruiseControl/projects/leadlaw/source/src/com/rockingmm/leadlaw/components/MapMarker.mxml(25):  Error: Type was not found or was not a compile-time constant: Location.
public var location:Location;
I am referencing libraries, which appears to work fine if it's only one level deep, but if I have code that references libraries that reference other libraries (and so on), it drops the ball.
What worked for me was adding additional source-path declarations for the respective library projects, as well as library-path for the Flex framework classes.
My ASDoc target looks like so in my build.xml:
<target name="cleanAsDoc" description="Clean ASDoc directory of old contents.">
    <echo>Cleaning code documentation...</echo>
    <delete dir="${basedir}/html_docs" failOnError="true" includeEmptyDirs="true" />
    <mkdir dir="${basedir}/html_docs" />
    <echo>Doc directory cleanded.</echo>
</target>
<target name="logAsDoc">
    <echo>Logging code documentation...</echo>
    <record name="${basedir}/html_docs/asdoc-log.txt" action="start" append="true" />
</target>
<target name="generateAsDoc" depends="cleanAsDoc,logAsDoc" description="Generate fresh ASDoc code documentation.">
    <echo>Creating code documentation...</echo>
    <exec executable="${basedir}/../../../FlexSDK4/bin/asdoc" failOnError="true">
        <arg line="-doc-sources ${basedir}/source/src/com" />
        <arg line="-library-path ${basedir}/../../../FlexSDK4/frameworks/libs" />
        <arg line="-source-path ${basedir}/../modestmaps/source/src" />
        <arg line="-source-path ${basedir}/../components/source/src" />
        <arg line="-source-path ${basedir}/source/src" />
        <arg line="-external-library-path ${basedir}/source/libs" />
        <arg line="-window-title 'LeadLaw API Documentation'" />
        <arg line="-main-title 'LeadLaw API Documentation'" />
        <arg line="-footer 'Copyright 2010 RRP Lead Law. All rights reserved.'" />
        <arg line="-output ${basedir}/html_docs" />
    </exec>
</target>
Hope this helps!
~Mike