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A very nice review Shreyas, since we are on the subject and since TechCrunch today wrote that the AIR 1.0 release is very close ... if someone is interested in knowing more about Adobe AIR and its abilities they should consider attending the next Banglore Flex User Group Meeting
http://weblog.mrinalwadhwa.com/2008/01/31/a-very-special-bangalore-flex-user-group-meeting/
Mrinal