Recently I have been heavily involved in an on going FlashLite 1.1 based project. Some thing I know my development peers have been extremely jealous of as they bang their heads against the hellish development processes of Flex, Air, ActionScript 3 and Flash 9, not!
One of the most enjoyable features of FlashLite 1.1 is its (lack of) ability to measure the height, width or any metric of text once it is displayed on the screen of your shiny new Nokia N95. This makes efficient text scrolling a particular joy to produce. To this end I have produced a simple example of a fairly flexible scrolling text component for FlashLite 1.1.
Below is a comprehensive (hopefully) tutorial describing how to create such a component.