In this tutorial series (part free, part Premium) we’re creating a high-performance 2D shoot-em-up using the new hardware-accelerated Stage3D rendering engine. In this part, we’re adding eye candy with particle systems, a parallax effect, framerate-independent game loop timers, and collision detection.
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http://active.tutsplus.com/tutorials/games/build-a-stage3d-shoot-em-up-explosions-parallax-collision-detection/