Unfortunately, AIR 1.5 removes the ability to view swf content in an HTML control when the application is set to full screen mode. You can read about it a little more and see an example application at this bug report. It's a bummer since it worked perfectly in AIR before 1.5
It's a shame because it'll prevent us from using AIR for one of the projects we had hoped to. I imagine it'll also impact people wishing to use AIR to create a kiosk type application.