Flex 3 runtime-shared-libraries (RSLs) is a mechanism to reduce the size of your applications and thereby reduce the time required to download the application. Its not an architectural change whereas RSLs are just SWF files whose code is used as a shared library between different application SWF files.
An RSL is a stand-alone file that the client downloads separately from your application’s SWF file, and caches on the client computer for use with multiple application SWF files. Using an RSL reduces the resulting file size for your applications. The benefits increase as the number of applications that use the RSL increases. If you only have one application, putting components into RSLs does not reduce the aggregate download size, and may increase it.
Noticeable point is RSL’s are being shared across domain also. Please read further for details. There are two kinds of RSLs, Signed and Unsigned.
Signed RSLs are libraries that are signed by Adobe and may be stored in the Flash Player Cache, which can be accessed by applications from any domain. This means if your application is using a signed RSL, the RSL may not even need to be downloaded if the RSL is ready in the Flash Player Cache. The signed RSL may have been put into the Flash Player Cache by visiting another web site that was using the same signed RSL. Signed RSLs have a “sgn” extension.
Unsigned RSLs are normal SWF files and are not loaded into the Flash Player Cache. Instead, these RSLs rely on the browser’s cache to keep them from being downloaded. It may be a third party or your component to be shared across.
While working on one of my assignment I found an amazing link regarding RSL, please have a look Flex 3 RSLs