If you have installed Flex Builder, and when try to debug you get an error message that says “Installed Flash Player is not a debugger,” or if the Flex SDK’s fdb command-line debugger says, “Failed to connect; session timed out,” then see this TechNote to get instructions on how to fix the problem.
A packaging problem with the initial release of Flex Builder and the SDK has caused a number of people to run into this. Luckily, fixing it is easy.