Disclaimer: I'm an Air newbie (about 20 minutes in to this experiment).
I have a demo application using Adobe Air that accesses my own SSL web service that uses a self-signed certificate. In .NET clients, I can explicitly handle (and ignore) certificate warnings and suppress them via the ServicePointManager.ServerCertificateValidationCallback. Does anything similar exist in Air? I've examined the URLRequest and URLLoader classes but haven't found anything.