Custom Context-Menu in Macromedia Flash Player 824 Aug 2005
As you know, there was an issue in Macromedia Flash Player 7 where in custom Context-Menu couldn't be attached on a nested object(MovieClip, Button, TextField). It only worked on object on first(root) level.
This issue has been fixed in Macromedia Flash Player 8 and you can now attach custom Context-Menu in nested objects.
I must tell you before you start asking other questions that in my knowledge this is the only enchancement(bug fix) has been done to custom ContextMenu feature, rest is the same.
If you already have Macromedia Flash Player 8 public beta installed, then you can see this example.
You can download the Macromedia Flash Player 8 public beta from here.