If you're planning on delivering vast quantities of large media content, you will probably be better served by Director. Keep in mind that Director and Flash *do* integrate nicely. You can still build out your core business logic in ActionScript if that's where your skills / interests remain, but the Director run time is much more robust when it comes to managing the loading and unloading of large media assets.
I do want to take issue with the comment above about, "Extreme programming is fine for hobby projects". I don't believe you mentioned XP anywhere in your post, and XP does not equal "no process at all"... XP does not encourage customers to radically change an entire project throughout it's life cycle. It actually helps educate customers about the real cost of change and in my experience, actually helps prevent them!
If you are considering taking on a large, code-driven Flash application, I would strongly encourage you to do some research on at least Test-Driven development and to pick up AsUnit (www.asunit.org)... TDD is an appropriate development process regardless of what project management process you choose - even the waterfall die-hards strongly encourage unit testing.
Good Luck,
Luke Bayes
www.asunit.org
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