I have just released an Open Source library which enables you to use resolution independent, hardware accelerated font rendering.
http://www.max-did-it.com/index.php/projects/firetype/
firetype reads and parses TrueType fonts using the OpenType file format, converts the characters into polygon objects and renders them via the GPU.
This is a live demo of the library:
http://www.max-did-it.com/projects/firetype/
This technology has a couple of advantages over rendering texts as textures and might be useful for the use in Away3D.