The document discusses the life cycle of Flex 4 components and the importance of managing how a component's properties change over time, highlighting that the flexibility of code execution can result in unnecessary recalculations. It explains the various stages a Flex component goes through, including construction, addition, initialization, invalidation, validation, and update, as well as how these processes ensure efficiency within the Flash Player environment. Additionally, it notes the structural differences between Flex 3 and Flex 4, particularly regarding the handling of skins in the component model.