I had a typo, but it still doesn't work. So with 4.8 SDK I get this output:
quintessa:apache-flex-sdk-installer-1.0.0-incubating-src grimlock$ ant build Buildfile: /Users/grimlock/Downloads/apache-flex-sdk-installer-1.0.0-incubating-src/build.xml clean: [delete] Deleting directory /Users/grimlock/Downloads/apache-flex-sdk-installer-1.0.0-incubating-src/build [delete] Deleting directory /Users/grimlock/Downloads/apache-flex-sdk-installer-1.0.0-incubating-src/libs [delete] Deleting directory /Users/grimlock/Downloads/apache-flex-sdk-installer-1.0.0-incubating-src/release createDirs: [echo] [echo] ************************************************************************************ [echo] Execute the update-version target once, and only once, when you modifiy this app. [echo] This will increment the version number to allow the app to be updated by the AIR installer. [echo] ************************************************************************************ [echo] [mkdir] Created dir: /Users/grimlock/Downloads/apache-flex-sdk-installer-1.0.0-incubating-src/build [mkdir] Created dir: /Users/grimlock/Downloads/apache-flex-sdk-installer-1.0.0-incubating-src/release update-version-in-xml-files: [echo] version in InstallApacheFlex-app.xml will be 1.0.0 init: check-as3commons.swc: get-as3commons.swc: [mkdir] Created dir: /Users/grimlock/Downloads/apache-flex-sdk-installer-1.0.0-incubating-src/libs [get] Getting: http://projects.yoolab.org/maven/content/repositories/releases/org/as3commons/as3commons-zip/1.0.0-alpha.1/as3commons-zip-1.0.0-alpha.1.swc [get] To: /Users/grimlock/Downloads/apache-flex-sdk-installer-1.0.0-incubating-src/libs/as3commons-zip-1.0.0-alpha.1.swc [get] ........ [get] Getting: http://projects.yoolab.org/maven/content/repositories/releases/org/as3commons/as3commons-zip/1.0.0-alpha.1/as3commons-zip-1.0.0-alpha.1.swc.md5 [get] To: /Users/grimlock/Downloads/apache-flex-sdk-installer-1.0.0-incubating-src/libs/as3commons-zip-1.0.0-alpha.1.swc.md5 [get] . [delete] Deleting: /Users/grimlock/Downloads/apache-flex-sdk-installer-1.0.0-incubating-src/libs/as3commons-zip-1.0.0-alpha.1.swc.md5 compile: [mxmlc] Loading configuration file /Users/grimlock/Downloads/apache-flex-sdk-4.8.0-incubating-bin/frameworks/air-config.xml [mxmlc] Apache Flex Compiler (mxmlc) [mxmlc] Version 4.8.0 build 1359417 [mxmlc] Copyright 2012 The Apache Software Foundation. [mxmlc] [mxmlc] /Users/grimlock/Downloads/apache-flex-sdk-4.8.0-incubating-bin/frameworks/air-config.xml(64): Error: unable to open '{airHome}/frameworks/libs/air/airglobal.swc' [mxmlc] [mxmlc] </external-library-path> [mxmlc] BUILD FAILED /Users/grimlock/Downloads/apache-flex-sdk-installer-1.0.0-incubating-src/build.xml:215: mxmlc task failed. Total time: 3 seconds -omar