The document compares ActionScript 2 (AS2) and ActionScript 3 (AS3). It discusses the top misperceptions about AS3, including that it is difficult to learn, only for object-oriented programming, and reduces the targetable Flash Player base. It also outlines the top benefits of AS3, such as improved performance, ability to leverage new Flash Player APIs, easier debugging, and future-proof development. The document provides examples of migrating common tasks like variables, functions, and event handling from AS2 to AS3.