An interesting demo application video posted by Derek Wischusen showcasing Feathers, the new Starling based UI framework, running on multiple devices. Since Feathers is based on Starling, which is based on Stage3D, it provides smooth, fully GPU accelerated UI animations.
The Android devices are using Akamai HD to do HTTP variable bitrate streaming. The iOS devices are using m3u8s/HLS.
Overall I was impressed with the results. The apps loaded quickly, and once the images loaded all of them ran at 50+ frames per second. [via YouTube description]
It certainly addresses the GPU mode dilemma. To learn more about Adobe AIR and video, read The Ultimate Guide to Understanding Advanced Video Delivery with AIR for Mobile.