I tried out
Bartek Drozdz' AS3Dmod classes for Flash 3D tonight and I'm extremely impressed, particularly at how easy it is to get cool results. AS3Dmod is a set of Modifiers like you would find in a 3D modelling application like Maya or 3DS Max. The Magic Carpet example uses the Perlin modifier.
As usual click on the image to see it in action.
Bartek does some great 3D work in Flash. Right now he's got a sweet car demo on
his blog. Go and check it out.