A dream comes true: H.264 encoding into Flash Player 11 | Video Breakthroughs | Scoop.it
From sonnati.wordpress.com - May 14, 2011 8:33 AM

var h264Settings:H264VideoStreamSettings = new H264VideoStreamSettings();
h264Settings.setProfileLevel(H264Profile.BASELINE, H264Level.LEVEL_2);
stream.videoStreamSettings = h264Settings;