One of my friends had been asking me about how to change the style of the LinkButton like an HTML hyperlink, since people like to display the link as like as HTML. So I developed a simple Hyperlink control in Flex that has the same look and feel as an HTML anchor tag.
You just code like below and you can set the styles same as other controls.
<controls:Hyperlink text="My Web Log" url="http://kbala.azurewebsites.net" window="_blank"/>
Find the full source code here