I spent two weeks trying to create one before putting it aside. My approach was to create a custom layout and a custom scroller class. Of course, the process turned out to be a lot more difficult than I expected.
There is a component like this in the QNX component set, but I'm not sure if it is useable outside of "Playbook" development.
It was "anonymously" suggested to me that creating something like this will be much easier in the next version of Flex; which I take to mean that Adobe is working on either a mobile component suppor this or an extension to their existing components to support "wrap around scrolling."
If you find, or create, a solution I'd love to get my hands on it.
Flex 4.6 introduces a SpinnerList component that supports something similar to this (http://www.adobe.com/devnet/flex/articles/whats-new-flex-flash-builder-46.html). Does SpinnerList satisfy your use case?
Unfortunatley not. SpinnerList is vertical and I'd need it to be horizontal.
Just curious, if SpinnerList supported non-vertical layouts would it satisfy your needs? Note that SpinnerList uses item snapping and shows the selection in the middle of the component (more info here: http://opensource.adobe.com/wiki/display/flexsdk/SpinnerList)
FYI - I have filed an enhancement to add non-vertical support to SpinnerList here: http://bugs.adobe.com/jira/browse/SDK-31926
Please vote on that bug and leave a comment with your use case if you would like to see it implemented.