Trace command will not work in Flash CS3 + AIR development unless in debug mode..
I find dificult to work without trace command, I found the arthropod while searching for 2 mins in the WEB.
Its an AIR application.
Its simple to import the classes and to trace.
// Air debugger— Arthropod
import com.carlcalderon.arthropod.Debug;
and to trace call
Debug.log(String( event.target ));
here is the link to the website
Link to documentation
How to use
download the AIR App