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Flex 4 ships with an earlier version of OSMF, and there have been some changes between then and now. If you want to use the latest version of OSMF with Flex 4, then you might need to remove the osmf.swf file from the directory in your Flex project.
Can we have this in BIG RED LETTERS. Now FB is released it is going to cause no end of problems - I just spent a couple of hours faffing around trying to sort out where all the classes have gone
What I've done is remove osmf.swc from the Flex 4.0 sdk, then I added the new osmf.swc file to my libs folder for my project. Is there a for updating osmf in Flex 4.0 it works nativly with the sdk. The original reason why I got errors was because the frameworks/projects/osmf/src/OSMFClasses.as packages in Flex 4 were not the same as the new osmf.swc (most of the flex 4 swc have these package reference files). So those would have to be updated every time the osmf packages change.
Great tip! It works for me too