A component is an encapsulation of code, and its API is its contract.  To
the extend that you can hide aspects of the target inside components and
fulfill those contracts, and to the extent that an application is an
assembly of components with some glue code, then yes.

For sure, you can't do everything you can do in Flash on other targets (or
it might be very hard or very slow), but the question is, for any Flex app
you built, how much Flash-specific stuff was truly required?  We may not
apply a blur to the background when an Alert goes up in the new framework,
but does that really matter?
Not much, output behaviour could vary and still be a platform dependant but having one consistent environment that you can write your code in familiar language would save us from many obstacles. Those sort of things could be sorted out by having Flex IDE, while you choosing a target platform not available features could just grey-out or give you less options to choose from.

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