AME to FAME
The Subeclipse plugin worked great in my initial tests and you can install it very easily by going to Help -> Software Updates -> Find and Install... in Eclipse, followed by "Seach for new features to install", "New Remote Site" and entering the following URL: http://subclipse.tigris.org/update.
So far, I have an AME system which works wonderfully as an external AS editor. To tell you the truth, I'm not too interested in FAME (sorry, couldn't resist), but I wanted to give the whole thing a try so I tried to install the latest Flashout (version 0.1.7.9) but it wouldn't show up in Eclipse's preferences panel after copying its plugin folder to Eclipse's plugins folder. I am assuming that there's some sort of compatibility issue between it and the latest Eclipse SDK that I'm running (3.02).
I don't see myself working completely in Eclipse (even if I can get FAME to work) as I would miss the productivity boost of the visual layout facilities in the Flash IDE but if I had a live preview/layout view in Eclipse (similar to the IDE for Laszlo, version 2 of which has just been released, now supporting Laszlo 3.0) but outputting Flash... well, that would be *ideal*
[Update] Thanks to Alex, Flashout's now working. The tip is that you need to start Eclipse with the -clean option (from the command line, type eclipse -clean) as it apparently doesn't always update all plugins automatically on Windows machines.
The AME to FAME article by Aral Balkan, unless otherwise expressly stated, is licensed under a Creative Commons Attribution-Noncommercial 2.0 UK: England License.

Alex
Hi Aral,
u need to run eclipse with -clean option in order to see new plugins.
The problem is that on some windows systems it doesn’t update mod date for plugins folder.
Hope it helps,
May 10th, 2005 at 11:14 amAlex
Aral Balkan
Hi Alex,
That was it — it’s showing up now. Thanks a million!
May 10th, 2005 at 12:01 pm