I don't really like iterating on components for a third time, but from
using GroupingCollection2, I ran into a few issues, plus it seemed to be
pretty slow.  I'm not sure how heavily used this component is or if people
are interested, but I've attempted to write a new one.  I checked it into
my whiteboard space:
http://svn.apache.org/viewvc/incubator/flex/whiteboard/frishy/FastGroupingCollection/
along
with some performance tests.  For the most part, it's the same as
GroupingCollection2, but it doesn't support asynch refresh() and does
support nested properties for grouping fields and summary fields.

When using as a basic grouping collection, for larger datasets, it tends to
be about 1.5-2x faster than GroupingCollection2.  Once you add summary
rows, it tends to be much, much faster (50x).

If enough people are interested, we can talk about checking it in to the
main framework.  I've also got a few collection fixes that I'm planning to
make once the project gets started a bit more and we have some tests than
we can run against.

Cheers,
Ryan

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