You can do it.
The mechanisms are different; and, there is no direct, built-in support (you can't just call switchboad).
I demo'd how to do this for folks at Adobe's Developer Summit. Here's the recording of it: http://my.adobe.acrobat.com/p33908050/ (it's the second demo, the first part is about using the CS SDK with Bridge).
Essentially you use Air2.0's ServerSocket and set up a socket connection between processes. It's not hard to do, and vastly more capable than using switchboard.
Thanks for the information and great demo btw. My application that communicates with CS3/CS4 is an AIR app.
So is the implication that I should use AIR 2 Server Socket and execute my existing extendscripts?
I have installed the AIR 2 SDK and have implemented some of the code from your demo. I noticed it looks similar to the old switchboard implementation. Is there some where i could gain access to the SuiteTalk project or something similar or some good documentation on the socket and how it can be used to execute extendscript?