They're probably using a similar strategy to Alchemy: map AS3 library calls to a Flash framework implemented in the target language. (In Alchemy's case Scott Petersen implemented a C VM in AS3, linked with the C std lib.) Most likely the entire framework is being bundled with every release, without regard to dependency.

Thanks robc and ed. In that case, I don't think this is as impressive from a technical perspective as some people thought. Again, this AOT compiler is not what made Flash apps technically possible on the iPhone; Adobe could've used this same bundling technique with the JIT compiler. It looks like they've done this just to satisfy Apple's terms.