Flash Develop is my IDE of choice when working with actionscript. You can write both AS3 and AS2 using either flash to compile or the Flex SDK (only AS3).
Flash Develop is free and open source, though remember donations help to keep the project alive.
The later betas are stable enough to use in a production environment.
Here are the new release notes:
http://www.flashdevelop.org/community/viewtopic.php?t=2574
I think this one is my favourite:
” * Captures Flash CS3 compiler errors in FD results panel when CS3 is called from FD “
It might not sound like much but it will increase my workflow. At the moment it is write from Flash Develop, press compile, flash does it things and compiles but the errors are presented in flash. You then need to read the compile errors in flash and then find the line number in flash develop. If the errors are in flash develop then all you need to do is double click the error to go to the line.
It is obvious that the developers of flash develop code in it as there are some really neat features that speed up work. For example Quick find (like firefox’s search) and code completion doesn’t need to match the first part of the word eg if your are looking for .maxVolume typing volume still gives maxVolume in the list.
If you are coding AS2 and/or AS3 download and try it. It will change your life!