Since FreeMovie seems to be a much better approach, I will not continue to work on Sphing. Please see http://freemovie.sourceforge.net/
With the advent of Flash MX Sphing's major function (i.e. create swfs from jpgs) will become obsolete over time. However, this doesn't mean that development on Sphing has stopped or will stop in the near future.
More about Flash MX: http://www.macromedia.com/go/flashmx/
The current status of this "library" is that it can do no more good than a jpg->swf conversion.
Nothing much for a library, but quite much for plain PHP.
All functions are rather quick'n'dirty and need to be reworked, i.e. make them classes and methods.
If you would like to be part of this project, now is the time to join in! Just click on my profile and drop me a message.