Recently I've been looking into PaperVision3D which is used for 3D animation in Flash CS4. I started playing around scripting 3D objects and animating with AS3, but soon after came across VizualPV3D which is an amazing flash GUI for creating the 3D objects by dragging/dropping and clicking some buttons, very easy.
VizualPV3D is currently in alpha and is just a SWF file, but I believe they will soon make it into an Adobe Air app with a lot more features. Anyway, this GUI will generate an XML file for you to import the 3D scene into Flash, ready for you to animate in AS3. Now this is where I came into some trouble as I couldn't figure out how to get the XML into Flash as there's no mention in the documentation or any classes provided.
So thank you very much to Matt Eley for providing the VizualPV3DLoader! which is a class that extends DisplayObject3D. Easy to use and Matt has provided example files so you can see how it's all put together.
You'll need Flash CS4 and Flash Player 10.
So there we are, thought I'd share that little find. Have fun!
Loader Class: http://matteley.wordpress.com/2009/08/29/vizualpv3dloader-a-class-for-loading-vizualpv3d-scenes-into-papervision3d-projects/