Take a look here:
They use Away3D’s Cast utility class to create BitmapTexture objects and they also add a bunch of different texture maps - hopefully this helps
** EDIT --- This Tutorial Does Work **
Added
public bmt:BtiMapTexture;
....
private function initMaterials():void {
this.bmt = new BitmapTexture(new BitmapData(256,256, true, 0x222277FF));
sphereMaterial = new TextureMaterial(Cast.bitmapTexture(this.bmt));
sphereMaterial.specularMap = Cast.bitmapTexture(this.bmt);
sphereMaterial.lightPicker = lightPicker;
}
And I got a nice blue sphere