Sorry for delay of this reply.. Anyway, I'm using the very same code found in FlashLite help docs:
Code:
v.onStatus = function(o:Object)
{
if ( o.level )
{
trace( "Video Status Msg (" + o.level + "): " + o.code );
}
else
{
trace( "Video Status Error: " + o.code );
}
}
v.play("rtsp://myserver/mymovie.3gp");
Where v is a video object on stage.
So, is it impossible to make it work with rtsp streams? If so, how to handle status events with 3gp streaming contents, since NetStream/NetConnection do not support them?
Any hints would be incredibly useful 
Pit