Davies gives the latest Flash a rating of "2 bounces -- lackluster", and one of the major reasons he gives are the changes in the Actions panel that make it much more suited to developers. As Davies says, "I suddenly realized that if I really wanted to use the Actions panel, I was going to have to become a coder. There are no longer dialogs with text fields that make coding simple evaluations and variable programming easy. It's actual programming now, and I couldn't be less happy."
In the end of the article, he does talk about some of the positive improvements in the product, but apparently the same changes that might endear Flash MX 2004 to programmers have given Davies a very bad first impression.
Review -- Macromedia MX 2004 -- First Impressions (Applelust.com, November 21, 2003)