I just found a very good tutorial by Senocular able to clarify every (or at least many) doubt and misunderstanding about practices to bring 3D effects in Flash. Here’s the link http://www.kirupa.com/developer/actionscript/3dindex.htm
I don’t know if someone would be interested in this kind of experiments, there are many good projects that make 3D approach easier than build your own engine. However even if Papervision or Away3D let us make 3D content (..oh, i forgot to add flash 10 to this list 
) I think it’s always better to understand what’s going on behind the scenes to better comprehend what’s the magic made of 