This was only announced in AIR 3.7, but not in 3.6.
AIR 3.6 includes the ability to package multiple swfs using an iOS application, but does not allow you to download them from an external server.
AIR 3.7 offers you the ability to download external SWFs from a website.
Application developers will be able to host their secondary SWF files on an external server and download them on demand in accordance with their application using this function. Downloading secondary SWFs that have any ABC code in AOT mode, which worked only for locally packed SWFs earlier, will now work for loading SWF files from the outside, as well
It looks like the bytecode will be contained in your application binary
During packaging, the IPA ADT ADT extracts the Actioscript code from all the child SWFs that are specified in the sample text file, adds it to the final executable file, and moves the split SWF files to the "externalStrippedSwfs" folder created in the current working directory.
Check PDF release examples, for example
http://labsdownload.adobe.com/pub/labs/flashruntimes/shared/air3-7_flashplayer11-7_releasenotes.pdf
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