John Nack notes a new video on Adobe EDGE about Adobe Catalyst (codename Thermo). Thermo seems like it could be a front-end UI long needed (since mTropolis appeared anyway) for Flash and Director. Catalyst can do some of what's supported by the Flash Player, including 3D cards in space, but it's really designed for working with Flex. So while it's a good start it won't have some of the niceties of AE, Encore, Conduit, or even the dead "Flash-killer" Adobe LiveMotion.
A more in-depth but staid video from MAX 2008 on Adobe Catalyst is on the MAX channel of AdobeTV.