I've updated the code to compile with the release version of Flex 2. Previously, the application was only functional in beta versions and stopped working when Flash Player 9 was officially released. I've also started to do some refactoring, but decided it was better to get the code out there as-is than keep it locked up while I tweak it. I've been beyond busy lately, and I don't see myself finishing this round of refactoring any time soon, so better to release now than wait a few weeks…
That said, keep in mind that FVNC isn't complete yet. There are a lot of items on my TODO list that need to get done before I would consider using this in a production application. The software is somewhere between alpha/beta quality right now, not entirely feature complete, rough around the edges, in need of some performance tuning, and in general still a work in progress.
If you're interested in contributing, please get in touch. Also, check out the mailing list if you're into that sort of thing. Everything you need to know about the project can be found (or will be found in the future) on the OSFlash FVNC page at: http://osflash.org/fvnc