This new version of Flash is available on all platforms and adds in native 64-bit support and a new 3D rendering tool called Stage 3D, which according to Adobe enables Flash to render 3D significantly better. AIR 3 adds a mass of developer features allowing for further integration into OS capabilities like light sensors and gyroscopes, as well as simpler install process. You can download both below from Adobe’s site.
Adobe Flash Player 11 & AIR 3 Have Launched! [Adobe AIR and Adobe Flash Player Team Blog]