I've been wondering, does AIR's performance come anywhere near to that of native applications for hardware intensive work?

The Paperview3d engine that seems to be all the rage these days, can render 3d models with over a thousand faces using AS3, which is pretty impressive. Though AS3 is pretty fast, the flash player still runs as a plugin inside a browser. Java SE (desktop java) applications can render complex 3d content consisting of hundreds of thousands of faces. AIR could potentially do the same, or better.

Anyone have any idea if it does? This would be great for making cross-platform games.