Alessandro reviews Adobe Device Central CS3 in his blog, check it out!

I got to play around with Device Central under Flash CS3. Finally we got a cool emulator for all the capabilities and features of Flash Lite. First it’s important to know that Device Central is accessible from all Adobe CS3 software tools and that the capabilities and features that you can use depends on where your project starts from. For example, if you are developing using Flash CS3 you will have access to the full Device Central emulation features for Flash Lite.