Work on Android library has been started recently, so far Android’s HW accelerated video encoder has been tested successfully to generate a small video from inside FlashyWrappers ANE. The next steps will involve connecting AIR’s OpenGL layer (similar to iOS) to video output and writing those frames. Audio will be mixed together with video as well.
The first (alpha) version of the HW accelerated functions for Android will be hopefully available pretty soon (probably weeks), and it will work on Android 4.3+. Due to the enormous variations among the Android versions and devices FW won’t be able to support hardware acceleration in every possible device at first, but support will be gradually added to support at least popular devices (those running on 4.3+ will come first).
The library will return a flag indicating HW support availability and you will be able to decide how to handle the situation (disabling recording completely, fallback to software OGV encoding). With hardware encoder you’ll be able to record mp4 files natively on Android in your AIR apps.