Actually MXMLC (the compiler in the Flex SDK) does support some limited preprocessor features. You can use them to pass in constant values, or to simulate #ifdef / #ifndef type functionality.
Check out this documentation
Example 1:
This code only gets executed if the -define=CONFIG::debugging,true flag is passed to the compiler:
CONFIG::debugging {
    // Execute debugging code here.
}
Example 2: 
Change the color of the button depending on if you defined 'CONFIG::release' or 'CONFIG::debugging'
// compilers/MyButton.as
package  {
    import mx.controls.Button;
    CONFIG::debugging
    public class MyButton extends Button {    
        public function MyButton() {
            super();
            // Set the label text to blue.
            setStyle("color", 0x0000FF);
        }
    }
    CONFIG::release
    public class MyButton extends Button {    
        public function MyButton() {
            super();
            // Set the label text to red.
            setStyle("color", 0xFF0000);
        }
    }
}