I came across a really nice debugger tool to debug flash, flex and air applications at run-time. It is De MonsterDebugger This is by far the best debugging applications I have seen. It not only allows accessing all the properties and method of the objects inside the SWF, but also permits to manipulate the values and pass parameters to inbuilt object methods and custom methods.
The native flash trace can be replaced by the trace of this application and voila… you will be really surprised to see the innovative way of displaying the trace. It also features memory consumption which allows for better optimization and have a check on garbage collection.
The best of the all is it is open source air application. Once installed, it takes less than a minute to enable your flash,flex and air applications for the debugging, using this tool. Go check it out and you will not be disappointed.