Over on theflashblog.com they have very simple example of an undocumented function in Flash 8. The setTimeout() function seems to be a nice succinct replacement for the rather cumbersome (IMHO) setInterval().
How this setTimeout() operates in comparison to setInterval() remains to be seen, information regarding return types if there are any. Also the function by all accounts seems to be a global, which may be a little problematic for those creating components or classes.
See the full example here.