Awesome!
This would be nice if you could put texture on a wire mesh. You could make things like: 3D terrain, characters, vehicles, etc.
But you know what? I'm really impressed by this. It renders a large part. The lines fade in the distance. It isn't CPU intensive. I think a problem will arise when you try to put texture on it. Flash isn't good at deforming images in real time. You could just put solid colours in place of textures and it will be just fine. 10/10, something fresh to look forward to.