This property replace the old fashion Actionscript 2 setRGB() method. Here’s the code for changing the color of a MovieClip in AS2:

var myColor:Color = new Color(myMovie);
     myColor.setRGB(0x4455ff);

where myMovie is an instance of a MovieClip.

For Actionscript 3 the code isn’t so complicated and here it is:

var newColor:ColorTransform = myMovie.transform.colorTransform;
newColor.color = 0xFF5522;
myMovie.transform.colorTransform = newColor;

To see how the code works have a look at the example below:

The code for the example is here:

import flash.geom.ColorTransform;

square1.buttonMode = true;
square1.useHandCursor = true;
square1.mouseChildren = false;
square1.addEventListener("mouseOver", rollOverHandler);
square1.addEventListener("mouseOut", rollOutHandler);

square2.buttonMode = true;
square2.useHandCursor = true;
square2.mouseChildren = false;
square2.addEventListener("mouseOver", rollOverHandler);
square2.addEventListener("mouseOut", rollOutHandler);

function rollOverHandler(e:MouseEvent) {
	var newColor:ColorTransform = e.target.transform.colorTransform;
	if (e.target.name =="square1") {
		newColor.color = 0xFF5522;
	} else {
		newColor.color = 0x0066CC;
	}
	e.target.transform.colorTransform = newColor;

}

function rollOutHandler(e:MouseEvent) {
	var newColor:ColorTransform = e.target.transform.colorTransform;
	if (e.target.name =="square1") {
		newColor.color = 0x0066CC;
	} else {
		newColor.color = 0xFF5522;
	}
	e.target.transform.colorTransform = newColor;
}