Don’t know how I missed this but just this last month a new site has launched called wonderfl that allows quick as3 compilation side by side that is encouraged by community and similar to a demo scene.

This could be great for generating new ideas much like machima and demo scenes have done in the past.  This stype of stuff goes down with the flash community anyways but being able to do it on a site and fork and evolve scripts and game it is a great idea.

Effects with filters, bitmaps, pixel manipulation, pixel bender and papervision would benefit greatly from the type of innovation that could happen here quickly in small doses. See what you can throw down, maybe some fireworks.