I find the "Flex SDK home:" selection on the Build Configuration -> Dependencies tab a little awkward; when I click the "Navigate" button to change the SDK the file dialog should start where the currently selected SDK is located - not in the project home. I guess most people have their SDKs installed in a global folder <flexSDKs> and would like to change SDK with two clicks rather than traversing the disk from project home to SDK home.
Thanks and Regards,
Peter
Peter, thanks for your feedback!