I used the source files from James Ward's VideoCoverFlow to act as a 'wrapper' for Doug's CoverFlow component. I took out the video stuff because I'm not using video and modified the source here and there for my needs. I was having difficulty understanding how to get Doug's CoverFlow setup in Flex too, so by using James' example (which included the MXML file, a HUGE help in understanding the structure!) I was able to quickly convert his example. Below you will see the project structure in Flex. I just made a new project and dropped in James' files.

One of the difficulties I think people are having is in understanding how the SWC file gets used. In the image above you'll see Doug's CoverFlow_lib.swc file in the libs folder in the project (this was already set up in James' download files)... and below, you'll see how James' file (orginally named VideoCoverFlow) makes a reference to it. Notice that the package path is referenced just as you would for any package, yet you do not see that path (the folders) because its all compiled into the SWC file.

Finally, be sure to set your build path in your Flex project to include the libs folder (which contains Doug's SWC file)