I remember dealing with this problem before. I had a nice collada file with
many textures but it took too long to parse (aprox 100000 tris) so I decided
to go for the as3 export option; everything would be there, pre parsed =)
As well as you I found that the materials don't come in. However, the
material data info is there so if you sweep it carefully you can insert the
materials yourself. For my case, I built a class that did the job of
injecting the materials on as3 exported objects. Give it a go, if you need
more help I could dig up that class.
