If you are trying to use FlashBuilder with Flex to build a desktop AIR package, you will get this error because the Flex compiler is older and does not know about -advanced-telemetry. The problem is, you need to package your SWF into an AIR file so you need to get at the SWF after it is built but before it gets packaged. Here is a trick to do that.
When you export a release build, proceed though the dialogs, but before you hit "finish" on the last dialog, find the bin-release-temp folder in your project and use SWFScoutEnabler to add advanced telemetry to the swf in that folder. Then hit finish and you will have an AIR package with a Scout enabled SWF.