In the 1.x version of the Flex api (built on flex 3 sdk), rotation(angle) and transparency(alpha) worked only with embedded fonts.
But with a new text engine in Flex 4, it allows us to do integrated rendering on device fonts(both rotation and alpha supported). The current version of the api, does not take advantage of it. But it would be there in the next release.
-- Sarthak Datt