There are lots of benefits to be had from migrating from Flex 3 to Flex 4.5, but it can be a pretty daunting task if you have a large or complicated application. We’ve collected a list of good resources that can help you:
- Joan Lafferty’s Differences between Flex 3 and Flex 4 — a nice introduction to the new components and containers as well as states and text changes (I would start here)
- Greg LaFrance’s multi-part series Migrating Flex 3 applications to Flex 4 — a very detailed tutorial that walks you through all aspects of migrating the Flex Dashboard sample application
- Mihai Corlan and Alin Achim’s Upgrading Flex 3 applications to Flex 4 SDK technical guide — very detailed description of the new APIs in Flex 4
- Renaun Erikson’s Transitioning an application from Flex 3 to Flex — another excellent tutorial that walks you through all the steps required to update a sample application
- Adam Tuttle’s A Flex 3 developer’s introduction to Flex 4.5 and Flash Builder 4.5 — an overview of Flex 4.5, with an emphasis on mobile application development, from the Flex 3 developer’s perspective
- Andrew Shorten’s Moving existing Flex projects from Flex Builder 3 to Flash Builder 4 — a quick overview of converting Flash Builder projects
- Adobe Flex 4 Features and Migration Guide (PDF) — another very detailed description of API changes between Flex 3 and 4; contains some useful sample code
-Matthew J. Horn
Flex doc team

Cool compilation of From Flex 3.x to Flex 4.x
I wrote some of it, but in Portuguese, it’s 11 articles covering aspect of code techniques from Flex 3.x to Flex 4.x so on.
http://www.igorcosta.com/blog/?cat=325
Is there any tool to automate the upgrade? we have lots of projects in our company and it is a very time consuming project to upgrade all projects to the latest framework.