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Adobe today released on Adobe Labs the Text Layout Framework, new pre-release components that extend text, font and language support of Flash and AIR. In fact, the recently demonstrated IHT Reader is based on this technology.
I've been watching and giving feedback on this technology for many many months now, and am highly impressed with what the team has achieved, so this public pre-release is very exciting for me. I think it's a huge leap forwards for text functionality in Flash and AIR.