Eventually, the solution I was using was nothing more than writing stream to a plain text file on the local file system.
REFs:
http://nochump.com/blog/archives/24
http://stackoverflow.com/questions/614663/logging-api-for-as3 (thread in forum)
http://code.google.com/p/as3-commons/ (flash player only )
http://arthropod.stopp.se/ ( tracing to console only )
http://code.google.com/p/flash-thunderbolt/wiki/ThunderBoltAS3 ( flash player only )
DIY:http://www.adobe.com/devnet/air/flash/quickstart/articles/building_text_editor.html
http://bbs.9ria.com/thread-5191-1-1.html
http://forums.adobe.com/thread/209533
http://hi.baidu.com/sl19880127sl/blog/item/4ff6fe0998dd96296a60fbd2.html