So I have built my app using the latest air 3.3 sdk. Debug works fine, release build doesn't make it past the splash screen on iOS devices. Release build for Android works fine, and well, there's no point trying on playbook since they don't even support 3.2.
Please try using the latest AIR SDK on Labs at: http://labs.adobe.com/downloads/air3-3.html
It will resolve your issue.
North America
Europe, Middle East and Africa
Asia Pacific