I've been working with several different programming languages recently, and I've come to the conclusion that I don't really like the display list in Actionscript. I would much rather have an update/draw loop and draw and manage everything manually like in XNA (C#). What I do like in actionscript is the ease of use of events, movieclips animations and vector graphics.
What are the possibillites for this? I would really like to be able to use animated movieclips, but I think that would be impossible without the display list, so I could settle with writing my own animation system with spritesheets. Rewriting the entire event system isn't something I look forward to though. Are there any (molehill) frameworks that work without the display list?
You can do something similar by creating a Bitmap with the same size as the stage, attaching it to the stage as a child and using it like a "screen", by blitting your graphics on it every frame (on ENTER_FRAME event). I think it's even mentioned somewhere in the official Adobe documentation, as a method of efficiently animating a large number of objects.