I’m just coming off a fairly heavy papervision project and I thought I’d share some of the performance tips that I’ve run into during the course of the job:

• If possible leave the animatable flag to false on your materials
• If possible have interactive false on materials
• Where possible switch the stage quality down. You can do this at runtime… so if you’re going have a quick animation sequence, you may be able to switch down a quality and then switch back up later.
• This is a simple one but have as few faces in your objects as possible. (ie use a plane instead of a cube if you don’t need the depth)
• Make sure that you include a profiling class like swfProfiler into your project so you can see the frame rate and memory useage and keep a record of these after each thing you change.
• You can set the quality of materials via material.setQuality(StageQuality.LOW, stage);

That’s all I can think of.. but feel free to contact me if you have any questions.