I did experiments with papervision3D all day long and let me tell you this: starting by trying to import a collada model might not be the right idea at first. I finally succeeded, but not with the model I wanted … Actually I never got my model to work but at least I know I am doing every thing right in the Flash IDE since it works for other models. I think my problem either comes from the fact that my model had too much polygons in it or we had trouble when exporting the collada file from Maya. I didn’t even code anything, I just used the papervision3D component and panel inside Flash. Its great, but I didn’t get it to work properly. It is supposed to give you a preview as you are designing but that part didn’t work. What did work was the change I was making inside the panel did show up when I compiled the movie.
It’s kinda hard to learn how to use papervision3D, at least the part about importing a model. I know gotoandlearn.com has some nice tutorials not about using model but what helped my the most is this post from John Grden. The video at the end shows you how to use the component and the panel.