Can't debug after updating to Flex Builder 3.0.2

I'm evaluating FlexBuilder 3, and have just installed the Flex Builder 3.0.2 update. All of a sudden I can't debug my AIR project.

The error dialog displays a lengthy message which ends with:

error while loading initial content

Thanks to Google and Adobe's public bug database, the fix is straightforward: edit the project's *-app.xml file and change the namespace (2nd line) to 1.5:

<application xmlns="http://ns.adobe.com/air/application/1.5">

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