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Software bugs can be a real headache. And it can be both time-consuming and challenging to find them in source code. The art of catching errors, whether major or minor, lies within the Debug Perspective of Flash Builder, where setting breakpoints and stepping through code allow you to perform precise debugging sessions while the application is running.
While the Debugging App project only introduced one error, one could argue that with more careful coding the error would probably not have been introduced. However, you should have gained an appreciation for the armory of tools and perspectives at your disposal in Flash Builder, which ultimately helped to isolate and fix the error.
The UncaughtErrorEvent object is useful in situations where you simply cannot locate an error in the code; unfortunately it doesn't give you the exact line where the error occurred, which would be useful.