Epic Games' Tim Sweeney presented the company’s Unreal Engine 3 technology running inside an Adobe Flash-based environment during a keynote at Adobe MAX 2011.
This is big news for game developers, as it gives us the ability to create high quality 3D games for the web, among other possibilities. Who knows, maybe we'll even be seeing portfolio's being presented with this technology in the near future.
You can read more about this, and check out more screenshots, here: http://epicgames.com/community/2011/10/unreal-engine-3-support-for-adobe-flash-player-announced/
And we're discussing it here: http://www.polycount.com/forum/showthread.php?t=89513