I was just reading through the Flex EULA (reading EULAs has become a hobby of mine, it seems) when I came across an interesting snippet under the section titled "Ownership":

"The foregoing grants of rights give you limited license to use the Software. Except as expressly provided in this Agreement, Macromedia and its suppliers retain all right, title and interest, including all copyright and intellectual property rights, in and to, the Software (as an independent work and as an underlying work serving as a basis for any improvements, modifications, derivative works, and applications you may develop), and all copies thereof. All rights not specifically granted in this EULA, including Federal and International Copyrights, are reserved by Macromedia and its suppliers." [Emphasis mine]

I am sure that it is just my laymen's reading of this that is wrong but this paragraph seems to suggest that Macromedia will own the copyright and intellectual property rights to any "applications you may develop" using Flex. Again, I am sure I am reading this wrong and I am sure that someone from Macromedia will confirm that it is not so but perhaps it might be prudent to change the wording here so that non-lawyers like myself will have no cause to worry.