As part of the beta launch, I wrote an article about the new effects that are part of Flex 4.
They asked for a single article of about 2500 words, and I churned out a monster weighing in at over 10,000 words. Apparently, I have a way with words: way too much.
After much gnashing of teeth and painful whittling down, we compromised on 2 articles. Part one, which covers the Animate superclass of the new effects and a handful of the more basic effects, is now live. Look for Part 2 soon. (Update: Part 2 is now live)
Check out the other articles while you're there - my articles focus specifically on effects and ignore a lot of the other great changes in the release (because I knew other articles would cover them and because I was having a hard enough time getting the article down to a reasonable size without trying to explain more). For example, Matt Chotin (Flex Product Manager) wrote an overview of the new features in What's New in Flex 4 SDK beta and Joan Lafferty (on the Flex SDK QA team) covers differences in this release and the last one in Differences between Flex 3 SDK and Flex 4 SDK beta.
Lots of stuff to read. Should keep you busy while we keep working on finishing the release.