Very cool! If just animating the texture is an option, I've had some good luck creating spring based waves using a combination of Haxe + the memory API using Flash 10's special memory opcodes. I tried both Alchemy and Haxe and found Haxe to be much faster for real-world situations. The trick there was to inline any helper functions and use integer math + bit manipulation for everything. If you want to see an example, I plugged this into a game called Plunder available via http://www.facebook.com/playtreasurequest ... the watery background is animated using that technique.
Like everyone else, really looking forward to Molehill. Wish it were available to test now! :-) Cheers, Mark Davis
