package com.ericfeminella.xml.XMLAsset
{
import flash.utils.ByteArray;

public class XMLAsset extends ByteArray
{
private var _xml:XML;

public function get xml():XML
{
if (!_xml)
{
position = 0;
_xml = new XML(readUTFBytes(bytesAvailable));
}
return _xml;
}
}

}

package
{
import com.ericfeminella.xml.XMLAsset;

[Embed("config.xml", mimeType="application/octet-stream")]
public class Config extends XMLAsset
{
}
}

var config:Config = new Config();
trace( config.xml.toXMLString() );

Greetz Erik