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If you're building AIR applications for Android, you now get the option of embedding the AIR runtime in your application — just like for iOS. Users only need one download to run your code, with only a small increase in application size. You choose to embed the runtime when in the AIR for Android settings dialogue.
2D games built for Flash can take advantage of the Starling framework for accelerated 2D graphics. In the AIR for Android settings dialogue, choose the Direct Render mode. If you're not writing games, and are using 3D graphics, choose Auto or GPU — CPU rendering is really only appropiate if you're forcing an application to have the same performance on older and newer devices, where a GPU isn't essential for your application.
Native code extensions
Flash can't be all things to all devices, and Adobe now supports native code extensions to add device specific features to your applications. If you're targeting specific features, like vibration or additional camera controls, in your AIR applications, you can now write native code that access those functions, bundle it as a .ane file, and then use those features from inside Flash. An extension can target more than one class of device, making it easier to have one API to write code against.