Absolutely! I can think of numerous uses and abuses of this cool tool.
As much as I hate to see web sites done in all-flash, I am very likely going to do this to my home page now....because I can...funky effects everywhere!!! The fact that Chapter 9 on Ming is free, I'll buy the book if it proves useful.
Looking at this example, it seems to imply Perl-ish callbacks can be used to generate Flash callbacks. I'd love to learn what sort of evil-voodoo was used to accomplish this, I'm really in awe of what might be possible using this module. (And definitely it's a savings from the cost and pain of using the official Flash product).
I remember using the Macromedia SDK (C++) for a component of a Senior Design project, and this is infinitely more advanced.