First of all let me just say that red5phone is awesome!! 
Is there any change that by using the already available flash 10 (beta), we could eliminate the step where we convert the nellymoser to pcm? Making red5phone blazing fast? Using Red5 as a server and passing the speex audio to an RTP stream directly without converting...
Flash 10 uses speex which is very good and open-source, no need for nellymoser converter... That would be cool...
Bye thanks!