This question was posted in response to the following article: http://help.adobe.com/en_US/flex/using/WS2db454920e96a9e51e63e3d11c0bf678b2-7ff3.html
This documentation is incomplete - no where does it specify if you want to include a separate directory you need to create a separate
<compiler.library-path dir="$/frameworks" append="true">
<include name="../bundles/" />
section. I wasted hours on this.