<p>Anyone know of a good memory/disk caching library for AIR? Extra points for being compatible with Flash CS3, and being free (as in beer).</p>

<p>I'd like to cache results of http requests: both binary and text (xml).</p>

The
bulk-loader
project might have what you're looking for. I haven't used it myself but in the description it says (among other things):
Cache management
Various asset types (XML, NetStreams, Swfs, Images, Sound, Text Files)
From quickly looking at the code and some of the examples in the wiki it looks like it has memory (but not disk) caching capabilities.