As noted (in part) by Brian Krebs in his post, "New Adobe Flash Player Update Fixes 6 Flaws":

'For the second time in a week, Adobe has shipped a critical security update for its Flash Player software. This patch, part of a planned release, closes at least six security holes in the widely-used browser plugin, and comes just one week after the company rushed out a fix for a flaw that attackers were already exploiting in the wild... '

'Adobe also has released an update that addresses these vulnerabilities in Adobe AIR. Windows and Mac users will want to update to Adobe AIR 3.4.0.2540. Windows users should be able to tell if they have this program installed and its version number from the Add/Remove Programs section of the Windows Control Panel. Determining the presence of AIR and its version number gets a bit more complicated for Mac users.'

Continued : http://krebsonsecurity.com/2012/08/new-adobe-flash-player-update-fixes-5-flaws/

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Announcement at the Adobe Flash Player Forum:

Today we're pleased to announce that the next version of Flash Player, 11.4.402.265, is available for immediate download. This update includes the following new features:

• Concurrency (ActionScript Workers) — This feature enable developers to off-load certain tasks like high-latency operations and long-running computations to "workers". These background workers run concurrently in order to leverage more machine resources and avoid things like UI freezes and allow content to be more responsive.

• Stage3D constrained mode — A new parameter to Context3D has been introduced called "constrained profile". Constrained profile allows Stage3D content to run hardware accelerated on more hardware, especially the Intel GMA chipsets. The Starling framework has been updated to be constrained mode ready.

• StageVideo.attachCamera — Provides webcam support for StageVideo. This allows developers to leverage GPU acceleration to render webcam video streams.

• Camera.copyToByteArray/Camera.copyToVector — Allow efficient copy of the video frames pixels to an existing ByteArray or Vector.

• LZMA support for ByteArray — In addition to zlib compression of ByteArray, we are introducing an additional compression type based on LZMA to compress data inside a ByteArray through ByteArray.compress() and ByteArray.uncompress().

Current Flash Player desktop users that have enrolled in either the "Allow Adobe to install updates (recommended)" or "Notify me to install updates" update mechanisms will receive an update notification within 7 days from today (please note that Windows users will need to restart their system to receive the notification dialog.)

Continued : http://forums.adobe.com/message/4637119#4637119

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For Fixed Issues, New Features, Released Versions, Known Issues and Further Details:

http://helpx.adobe.com/flash-player/release-note/fp_114_air_34_release_notes.html