There are a number of ways to watch what goes on between an AIR application and the server. Yes the built in debugging is nice, but that doesn't tell us about what the AIR application says to other HTTP servers and what they answer back. There are a number of solutions to make this easier.
1. Fiddler This is a free dotNet solution.
2. Service Capture Paid for Solution. 35 bucks.
Both of these solutions are nice. Sorry Mac friends, but you will have to let me know what the solutions are for a Mac. This should get you talking with the CF server or what ever server you might be using.