if you provide some part of its code too so then i can tell you better about where to start . First of all look for top level class in the package it is mostly the starting point to instantiate which class.
That's an animation created in the Flash authoring tool, so probably it uses several Flash effect classes. Flash Pro is more suited for that kind of thing than Flex
Thanks for replying as soon...
Now i havn't write 0 sloc of this component so i can't post any code...
I think only that is possible!
I think to do is using some little movieclip in trasparent mode overlayed with the image...
If you have some ideas of example also in flash i appreciate
Here is also an example found in internet
Alessio now Pixel Bender allows you to create great effects, look at this transition effect that a friend from Australia did.
And you can check more Pixel Bender suttf at the Adobe Pixel Bender Exchange, and some of those are free, so you can check the code an reuse it,
There isn't a "square" transition effect..
It was a demostration of what Pixel Bender can do , look at the Adobe Pixel Bender exchange, probably you'll find something useful there.