grant skinner has made a class to shape shape hitTest, you can google it
But if you think on f8 powers, this is nothing expectacular,Is just a matter of have acess to the pixels of each shape
I have an idea but havent tested yet, wich is make a shape shape hittest using 'tiles' that are just data for each pixel on screem, the complication will start when the shapes rotate, but i suspect its possible to pre calculate his pixel values for each rotation value...