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In this cookbook someone advocates to build own Observer Design Pattern:
http://cookbooks.adobe.com/post_Using_Observer_Pattern_instead_of_Events-18232.html
Is it really faster as for performance ?
Yes dispatching
Eventare slow, if performance are you goal you can go for your own event system or if you don’t want to reinvent the wheel take a look at the as3 signals library from Robert Penner.