The general online consensus is that's pretty secure when trying to keep the user's data safe on the client machine, but there are vulnerabilities when trying to protect data on the server side.

Here is a slide show of a presentation on Adobe Air security and privacy concerns from a few months ago:
http://probertson.com/articles/2009/06/09/adobe-air-data-privacy-and-security-slides-notes-links/

Here is some info about Adobe Air security features from early this year:
http://www.richappsconsulting.com/blog/blog-detail/adobe-air-security/

From what I can tell, it's pretty good for most things if you use encrypted HTTPS, but as with anything there are some vulnerabilities and flaws.

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