Do you see Flash Catalyst becoming part of your designer/developer work flow?

Not personally. If I worked with a dedicated designer I might, but right now we have another developer who does design work or I do my own design. Until there is good round trip support for FC to FB I probably won't use it much in my own workflow beyond initial prototyping or wireframing.

That's a common theme I've noticed from several people on the topic. At first glance it looks really cool but once you get beyond the "wow" factor it's not quite as intriguing.

I agree with Garth that round tripping is a must before Catalyst will be really useful for live application development, but I do think it's going to be extremely valuable in doing quick proto-types. In my experience, any discussion with clients on abstractions from the real app can lead to bad assumptions. The closer we can get to the real functioning app and away from abstractions (wireframes, comps, etc.) the better off we are. In my mind, catalyst lets us quickly whip any set of comps into a clickable prototype. I never want to send over stylized comps again.