Here is an example showing a few of the new Flash 8 features. First, it loads external PNG files containing variable transparency and shows that transparency interacting with a background image. Second it shows the blending modes that are now available, and shows the effect of the interaction between two bitmap images. Third, it shows some of the filters, and shows the interaction between filters and blending modes on the same movie clip.
I know it is a bit early for it still, but here is a snow effect I created as part of a tutorial on ActionScript based animation.