Flash developers have been using filters on MovieClips since Flash 8. Filters in Flex it is not as easy as using Flashes Filters property panel, but they are available. Many samples show how to create filters using pure ActionScript, but these samples use good old mxml and I think are a lot easier to use. Filters can be used on most DisplayObjects and dynamic text.
There are 6 other filters that are not contained in this demo:
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