A new image processing library written in actionscript 3 was released. This includes very nice libraries for imaging effects, including displacement map filtering, ripples to create water effects. Joe Ebert is very talented at this which is great. The above image was created with this image processing library which is cool.
I’m very anxious to get down at try some of these effects. He actually made a really cool actionscript 3 demo a while back no doubt using this library.