Pixel Bender kernels do not run using any GPU functionality whatsoever in Flash Player 10.
The important thing to take away here is: A kernel which runs well in the toolkit might not run well at all in the Flash Player.
If you ever run a Pixel Bender filter on PowerPC based Mac you will see that it runs about 10 times slower than on an Intel based Mac. For this release we only had time to implement a JIT code engine for Intel based CPUs. On a PowerPC Mac Pixel Bender kernels will run in interpreted mode.