Timeline effects
by Erwin Altena Source article

Timeline Effects are used to automate animation and other types of visual effects for movie clips on the stage like adding a drop shadow to a movie clip or applying a transition animation to it. Behaviors are used to apply ActionScript functionality to clips on the stage without the need to deal with the ActionScript panel.

Behaviors essentially replace the need for the Novice Mode in the Actions Panel from the previous version of Flash MX and give you some pretty advance functionality that can be applied and adjusted by simply pointing and clicking.

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