This example has been laying around our google code repo for some time, but it is very hard to stumble upon it. It uses our trustworthy Carousel component with externalized position managers and, now (new feature!), externalized update handlers which allow us to customize---without having to touch the carousel base at all--- the way in which the position values are applied to the item renderer.
We're also leveraging the new Flash Player 10 2.5D capabilities. For Z-Sorting we're using the algorithm devised by Drew Cummins, which is very elegant and extremely fast; more so than other more popular options out there.
So check it out (you do need FP10 to see this one) here.