Good news everyone. The Apparat inline expansion works now to full extent after fixing some minor bugs. A complete example is also available. Just change the paths in the build.properties file and compile everything using Ant.
Use the inline feature with care. Apparat does not try to optimize your code and performs nothing but dead simple inlining. This can lead to slower code due to the creation of lots of local registers. Your code gets also much bigger and will require more space in memory. I am actually not a fan of manual inlining at all. I think it makes only sense to inline code if you have a powerful optimizer available that will cleanup the whole mess.
The fun story about this example is that the inlined version is slower using the lastes Flash Player release candidate if you have only 40.000 particles. That is why I increased the number of particles to 80.000 ;). I developed the example using an old standalone player and the inlined version was nearly twice as fast. However when I watched the example in the browser with the latest release candidate the game was completely different. Kudos to Adobe for significantly improving the Flash Player performance!