Today Adobe released the long awaited profiling tool “Monocle” at Adobe Prerelease. If you use Flashbuilder you can just compile your file with ASC 2.0 which is included in Flashbuilder with the parameter -advanced-telemetry.
But if you use e.g. FlashDevelop you have to utilise the Python script which is included in the download package of Monocle to make the swf file ready to be profiled by Monocle. Make sure you compile with the newest Flex/Air SDK (download here) and install the lastest Version of Adobe Air (namely version 3.4).
Then just compile your Air app so the swf file is generated in bin. Now use the python script like this: add-advanced-telemetry.py yourswf.swf
If everything works fine it says: Added opt-in flag with no password (as long as you have not added when).
Now package your app, install it, start Monocle and then your Air App. You are good to go to profile your app to the deepest!