I was in Home World when mrk (one of the adobe team) entered with an announcement.
I copied the chat that was relevent and here it is:
[H@thos] new player is being released?
[mrk] very soon, i hop end of week or Monday, depends on the adobe.com update
[mrk] next week, it will autodownload
[mrk] there will be lots of examples, and much more documentation
[mrk] not out quite yet, still final testing
["D" ] what's feature for the new browser?
[mrk] the upcoming release has physics, new UI, third-person, new JS API, scene graph, world synchronization
[mrk] better viewpoint integration, swf playback
[Loq] flash content on obj's?
[mrk] yes, on viewpoint objs
[Loq] in other words if ya make a flash movie presentation youll be able to show it in atmo?
[mrk] no, it means that there is a way to make a tree of objects at run-time
[Loq] oh no movie?
[mrk] it is better explained in the new documentation, out next week
[mrk] movies are being worked on for the next big release
Draw your own conclusion, but it sounds like the new release is just about here.