In our last L.A. Flex user group meeting, I demonstrated how to build a feed reader using AIR. The source is now available here. The app supports RSS .91, .92, 1.0, 2.0, and Atom 1.0 thanks to the open source xmlsyndication library available on Google code.  It also saves feed information locally using SQLite.  Think of it as a basic example for using the xmlsyndication.swc and for working with SQLite.