Tinic posted today his PixelBender assembler and disassembler. This makes me happy, because now I can post an experiment I could not show for a while.
If you know PixelBender, than you know that you can not create loops. What you could do is unroll all constant loops with a fixed length. If you know simple convolution filters like a blur, you know that you need an xy-loop and you know it should not be possible with PixelBender at all. Let me prove you wrong and have a look at dynamic loop unrolling with PixelBender (be careful with high values!).
I built a library to assemble and disassemble PixelBender kernels at runtime. I wrapped it also in a high level API so basically you can create a new Kernel by doing var kernel: Kernel = new Kernel();. Then when you need your shader as a ByteArray you simple call kernel.compile(). There are still some glitches here and there but I hope that I can release the source code pretty soon.