Well I've stumbled across Drumbeat Insight's HTML Component (http://drumbeatinsight.com/) which appears to do exactly what we need.
Anybody have any comments on displaying HTML in Flex? Is this a feature that will be built into Flex 4 or something?
Depending on the complexity of your HTML, you can display it in a Text component, by setting the htmlText property.
Also, if you are doing AIR, there is an HTML component that acts as a browser, maybe there is a feature to display your HTML.
Hope this helps.
In AIR, the HTML component will serve you well, but in Flex, navigateToURL(new URLRequest(myURL, "_blank")) is your best best, although opening the content in a separate browser window may very well not be what you want.
Unfortunately, Flex 3 HTML support is not very comprehensive.
If this post answers your question or helps, please mark it as such.
As a comment to this, I am using the Drumbeat Insight HTML Component and it works reasonably well for my purposes - which is simply to display HTML content overlaid on top of Flex content.
However, I am porting my work to Flex 4 and am not having any success porting the Drumbeat Insight HTML Component to Flex 4 and am looking for help with this.