AIR 3.2 SDK upgrade error: error while loading initial content

I run into the same error, thanks to dancashman.com for solution.
http://blog.dancashman.com/?p=30

Need to update the AIR descriptor file's xml namespace.



Summary:

Update your descriptor file namespace (yourApplication-app.xml)

New Value:
<application xmlns=”http://ns.adobe.com/air/application/1.5” >