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Everything is in section 2.1 and its subsections. 2.1.1 (a) and (d) I think are the main statements that lets you use the SDK to build and deploy your programs.
I have a question about the licensing of the flex sdk also, in particular, fcsh. Does it let me use it in a website where I let users build AS swf files using my custom AS library? In 2.1.4.c (of fcsh), it says Licensee is prohibited from providing use of the Software in a computer service business, third party outsourcing facility or service, service bureau arrangement, network, or time sharing basis. It's not going to be any of the mentioned services, but will it be still considered "network, or time sharing basis"? Note that I am not providing anything extra (such as the Flex Data or Charting services) besides my AS package files.
For 2.0.1 technically I think what you're proposing would violate the license. However once we've released the final version of Flex 3 we'll have our new MPL in place which will make what you want to do just fine. It may be that LCDS Express could do what you want at the moment though. Its web compiler is optimized for this sort of thing too.