From http://lacquer.fi/conduit/pixelbender/ (via Timur Kuyanov):
The latest Flash Player version 10 introduces a powerful new feature: Pixel Bender shaders. Using shaders you can bypass Flash’s built-in image effects and blending modes and instead manipulate pixels at will. Shaders are rendered in realtime, so they can be applied to video as well as images.
Conduit for Flash Pixel Bender is a visual design environment that obliterates the learning curve for Pixel Bender shaders. With Conduit, shaders can be created using drag’n’drop manipulation and with immediate visual feedback â€” no coding required!