ND2D
A Flash Molehill (Stage3D) GPU accelerated 2D game engine
...ND2D has a displaylist and quite the same methods to modify sprites as you are used to, but a few things are different. There are optimizations in ND2D, that enable you to display thousands of sprites at a high framerate. Have a look at the examples for the Sprite2DCloud or Sprite2DBatch and in the Wiki.