I have been working on a case study with Claude Courbois of NASDAQ for a few months now. We finally finished it up and published it over at InfoQ.com. NASDAQ has a very cool application, Market Replay, which utilizes AIR (desktop) & S3 (data). I am personally fascinated by how much the world has changed, as the platforms allowed NASDAQ to roll out an enterprise application with very minimal hardware infrastructure.
These technologies, and the other platforms like them, are important to all technologists, as I believe that their innovation will really mean more opportunities for our entire industry. They are enabling us to bring to market many ideas that were previously too difficult or costly to implement.