The wait is over, Flash Player 11.3 and AIR 3.3 are available now. With the AIR 3.3 SDK, Flash developers can now create expressive mobile apps and native extensions that target iOS5.1. In addition, this new version of the AIR runtime includes packaging support for iOS5.1 on Windows as well as iPad3 retina display capabilities [via
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Flash Player 11.3 and AIR 3.3 Released, Includes Official Retina Support