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Did you ever find an answer to this? I'm having the same problem, Flex Builder is not compiling anything. I have reinstalled, created a new project, switched my workspace, imported my current project, nothing... And all I did was license the thing!!
nope, not yet... still waiting!
but in my case I don't think it had anything to do with 'licensing', because it worked before with my OS X license.
Solved my problem. It was a bad install...
I uninstalled Flex Builder and reinstalled it and all is good now.
Previously I had simply re-installed FB2 and something definitely went wrong. There is a warning that installing over an existing FB2 may not work, well now I know it does NOT work.
So the correct procedure is to always uninstall the current version (you'll find the uninstaller in /Applications/Flex builder 2) prior to updating FB2. That is unusual for OS X, but that is how it is supposed to be done.
HTH someone else.
Thanks for taking the time to let me know.
I think my problem was that I was using an expired beta version. Although my license seemed to take without a problem; when I installed the non-beta version I was able to compile once again.