A few days ago Adobe has released the beta 2 version of the upcoming Flash Player 11 on labs. Apart from adding 64 bit support which was already part of the beta 1 drop this latest release adds a few new features such as support for the JPEG-XR image format which provides better compression and alpha channel support.
The most exciting new feature for developers of real-time audio and voice applications is of course the addition of H.264/AVC software encoding which results in better quality support for webcam based video.
Game developers will likely salivate over the Stage3D APIs code-named Molehill. This is a set of low-level GPU-accelerated APIs which enable advanced 2D and 3D capabilities across multiple screens and devices.

It'll be interesting to see what developers make of this and we will undoubtedly see some previews at the upcoming Adobe MAX Developer conference.

Have you built any applications using H.264 support or Stage3D yet? Post some links in the comments if you like.

To download Flash Player 11 Beta 2 just visit labs.adobe.com.