If you asked me that a month ago, I would have said forget it. But what they’ve done in 3.2 has made it a viable alternative to other ways. Take it with a grain of salt, I myself have not tried it yet, but I’ve been talking with other developers and am in direct contact with Adobe about it, and it looks promising.
Having been down the multi-engine/language path (I’m currently maintaining an AS3 and an Objective-C engine), it’s not a fun one to go with.
Alternatives to AIR and PlayN include NME (write in HaXe and uses SDL - it’s a bit raw right now but very promising because it can hit Flash, native C++, iOS, Android and HTML5), and kevglass’ Java-based solution where he writes in Java and uses a host of technologies to reach the rest (GWT, XMLVM, etc.) along with some thin wrappers.
As for a live example, the best one came even before this - if you’ve played the Flash game Machinarium - it was #1 on the iPad App Store when it debuted, and it’s a pretty graphical game in itself.