If you've got an app and are hoping to test it using FlexMonkey, be careful that you don't have any references to Application.application. This would normally return you a nice reference to your main app MXML file, but since MonkeyAgent is doing the loading, it will return you a reference to MonkeyAgent instead. Rather than change your code, I'd recommend using MonkeyLink. You need to include a bunch of stuff, but at least it works.
Another gotcha, compile your own MonkeyAgent and MonkeyLink projects because you can't run an app compiled with 3.4 in a MonkeyAgent compiled in 3.1. You will get incompatible override errors.