I am working on a project wherein the client needs a 360 degree view of a product among other things. They have provided a 3ds file of the product. Before I used to take screenshots of the model and then code it accordingly so as to provide the 360 degree view.

Does away3d give 360 degree view flash file from a 3ds file?

You have to program it yourself, but it should be really simple using the HoverController, which allows you to hover around an object.

Take a look at the Basic_Load3DS.as example in the away3d-examples-fp11 repository in GitHub: http://github.com/away3d/away3d-examples-fp11/tree/master/src/Basic_Load3DS.as

That example should basically do exactly what you want to do, but using some embedded, hard-coded materials. Let us know if you have any problems customizing it to your needs.