*NOTE* - this is a TEMPORARY patch to get you up and running as quick as possible. To stay up-to-date with the latest Flex SDK and Away3D releases, please follow their announcements.
1. Install the flash player 11 "incubator" runtime: http://labs.adobe.com/downloads/flashplatformruntimes_incubator.html
2. Download the following files:
Flex SDK 184.108.40.20686 (this is a link to a new page where you have to agree to terms, then download): http://opensource.adobe.com/wiki/display/flexsdk/download?build=220.127.116.1186&pkgtype=1
3. Extract the flex sdk
4. Copy/paste the flashplayer_inc_playerglobal_022711.swc into your sdk's framework/libs directory
5. Copy/paste the files from molehill_away3d_patch.zip into the sdk to overwrite the necessary files.
What is the patch doing?
The patch includes an away3d.swc, an updated flex-config.xml to always set -swf-version=13, and an updated index.html.template to always set wmode="direct"
Why should I patch the sdk?
This is only for molehill prerelease dev work to make the setup process a little easier. Adobe will eventually release an updated sdk and tools that will make this patch irrelevant.