Since last week blogs are busy speculating what Thermo would be. Sam Robbins blogged about discovering a job description for an Engineering Manager Position on Thermo. And Ted posted a note about it. Mark Anders was sad that he wasn't the one to expose thermo first, like he had planned ;-P
Well, as of yesterday Ted has a new post where he mentions that he will be blogging abt new features in Flex 3 Beta 2. He also has a little mention about "the expansion of the Flex Family." being a part of the announcements on Oct 1st. That confirms a few speculations that said Thermo had something to do with Flex and the Flash platform.
My guess is that Thermo would be something that would bridge the gap between Flex builder and graphical asset editing tools like Flash / Photoshop? Would it create visual effects - like transitions, and save it into an MXML? ( like what the 'Copy motion as Actionscript3.0' feature in does Flash CS3? )
Its kinda fun to play the guessing game isn't it ? ;o)