Transformation of Flash to XML and XML to Flash: How long before Macromedia sues?
“Our processing engine can decompile SWF to RVML and compile RVML back into native SWF format. All resources, whether ActionScript, sound, video, or images can be extracted and inserted, SWF files can be viewed and manipulated using external development tools, versioned, stored, or translated to SVG allowing users to author SVG applications using any Flash authoring environment.”
I don't think Macromedia has a case here. Besides, there have been tools providing similar functionalities for years.