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What is nice about it is the AIR support, imho, so that you can do object-oriented database management with a SQLite database on the client without having to have a server. The actual ORM swc that comes with CF9 is placed in the Flex library and then no more having to write inordinately complex queries to accomplish simple things; you simply update objects' properties like you would with a typical object in FLEX. In addition, if you're using the ORM framework and want to build an application that allows users to easily update a remote database with data worked on offline, it's built in. As you probably know, there are several ORM frameworks out there already, but this appears to be the one Adobe is going with so it's worth a shot with the hope of long-term support, as opposed to some of the others which are not supported or rather stale.
Thanks very much, I actually only do flex web development so whats in it for me there?
In that case, I'm not sure there's a good use-case, as I understand its capabilities.