For most of the simple stuff you'd do with FC, you could accomplish it in HTML/CSS. Create a tool to go between PS and DW so that you can take a PSD and turn it into HTML with minimal steps.

One of most feature I would like to see if Flash Catalyst part of Flash Builder design view. To take advantage of all Flex 4 SDK stuff I need to switch to Flash Catalyst reather than using my Flash Builder. Will be awesomeness if this feature became reality.