Dmitri Abramov posted on the Google Geo Developers Blog:
There were both technical and legal challenges blocking AIR support in our API. AIR has a different security model, which required a number of changes to the "internal plumbing" of the API in order to implement our delayed-loading model, where the actual implementation of the map’s functionality loads dynamically from Google’s servers once the application launches. Also, our Terms of Service used to specify that the Maps API could only be used for online web applications.
This is great news for Adobe AIR developers looking to build on Google’s mapping API’s. The team has also put together a great tutorial that shows how to take advantage of this functionality from Flex Builder. Our thanks to the Google Maps API team for making this possible!