Good day, Stage3D isn't based on anything, it may share similar methodology/terminology. It is another rendering pipeline, this is why Adobe is soo pumped about it.
Have a look at this: http://www.adobe.com/devnet/flashplayer/articles/how-stage3d-works.html You can skip down to this heading "Comparing the advantages and restrictions of working with Stage3D" to get right down to it.
Also, take a peak at this: http://www.adobe.com/devnet/flashplayer/stage3d.html, excerpt:
The Stage3D APIs in Flash Player and Adobe AIR offer a fully hardware-accelerated architecture that brings stunning visuals across desktop browsers and iOS and Android apps enabling advanced 2D and 3D capabilities. This set of low-level GPU-accelerated APIs provide developers with the flexibility to leverage GPU hardware acceleration for significant performance gains in video game development, whether you’re using cutting-edge 3D game engines or the intuitive, lightning fast Starling 2D framework that powers Angry Birds.