Today, the AIR 3.4 Runtimes and SDK's were updated to address stability and performance issues, in particular the following problems have been addressed:
Unable to package an application using an ANE on iOS, which doesn't not implement the finalizer function.
Packaging fails with null pointer exception, when packaging an IPA using only the default implementation in the ANE on iOS.
Database data is wiped out for every launch on iOS Simulator.
WIFi Debugging on iOS :Debugging on iOS does not work when network interface is chosen as "Default" for Player Target AIR3.4
The Encrypted Local Store implementation has been reverted back to AIR 3.3 (and earlier) implementation. Please note that any data created and saved with AIR 3.4 will no longer be seen unless you use the initial AIR 3.4 captive runtime. Please see this forum thread for more details.