Kevin Lynch did a great keynote featuring Flash Catalyst at the Web 2.0 Expo in San Francisco. I particularly like presentations like this -- no nonsense, just a quick overview of interesting product features applied to a real world application.
Of course there were some "here's one I made earlier" moments but still quite impressive how quickly you can go from a design to a functioning prototype. I've been a bit ambivalent about Flash Catalyst (previously known as Thermo) in the past but its shaping up to be a great product.
I'm not quite convinced Flash Catalyst should become a separate tool, if I'm not mistaken its also built on an Eclipse code base (not that you could easily tell) and at the moment it looks more like a Flex Builder design view on steroids. In any case, good to have a tool like this to move away from the default component look and feel and bring some creative expression to the Flex framework.