I've update the JRE to Version 7, and added it to Flash Builder, but I when I run, nothing happens, when I debug, I get the following:
The Flash Builder debugger failed to connect to the running application.
1. For in-browser applications, you are running the debugger version of Flash Player.
2. For network debugging on a mobile device, you have a reliable network connection to the device, and port 7935 is open on your machine's firewall.
Device connection help
I am running the latest debugger, the only change that was made was upgrading to Mountain Lion from Lion.
I'm pretty sure this is down to the Java version but I could be wrong, download this version and re-launch Flash Builder, making sure that the java version your system is running 6 and not 7 after you've installed java 6.