I was having issues using URLLoader's progress event, even though it worked with a Loader version...and I even triple checked the code.

It would only trigger once after it is loaded. Well actually it would trigger like normal but none of the results will show/trace until the XML/text object was loaded. So basically a Preloader bar/percentage would jump to complete after the XML/Text Object has been loaded.

Well apparently it is a known bug.
http://bugs.adobe.com/jira/browse/FP-1959

Now my question is, is there a good/simple way around it?

I may have a workaround for my purpose, but I'm not sure it is translatable to work in most standard situations.