By now you must have heard about the Adobe Image Foundation code-named Hydra, and as usually with anything new in the Flash Player Tinic has a nice informative post.
Hydra is a programming language used to implement image processing algorithms in a hardware-independent manner.
Joa already has a load of examples here, here and here and Mario also has a few examples up here and here.
You can download the AIF toolkit here and Kevin Goldsmith’s blog is worth keeping an eye on as well as Tinic’s for more info.