Actionscript 3.0 performance speed

So in the documents it says that actionscript 3.0 performs up to 10 times faster than Actionscript 2.0, and I was wondering, does this mean compiled applications, the ones that people use in sites will run faster ?

So lets say a game programmed in Actionscript 3.0 will perform at a better frame rate than a game programmed with Actionscript 2.0 ? (considering they are the same game).

is this what the speed is about or does it refer to compiling speed?