Adobe has just released the long-awaited update to Flash CS4. It can be downloaded here, and more details on the very large number of bugs fixed can be found on the Flash Product Manager Richard Galvan's blog post about the release.
I've been using the update for a few hours now, and it certainly makes Flash seem a bit snappier. In addition, my initial tests are showing that the OS X Spaces bug with Flash has been fixed. This was a major annoyance for me, and several other developers based upon the popularity of my blog post on the subject.
Thanks to Adobe for listening to customer feedback and working hard to get this update out as soon as possible.
Update: Based on comments below and other feedback I have received, it appears that the Flash CS4 update alone does not fix the Spaces issue for everyone. However, the combination of the latest Apple OS X 10.5.7 update (released 5/12/2009) and the Flash CS4 update seems to do the trick.