Some of the coolest features added to papervision 2 (great white) are those relating to lights and shading. The phongShader also allows you to apply bump maps to your models:

//create simple material
var ballMat:MovieAssetMaterial = new MovieAssetMaterial("tennisMat");
//create bump map material
var ballBumpMat:MovieAssetMaterial = new MovieAssetMaterial("tennisBump");
//create phong shader
var ballShader:PhongShader = new PhongShader(pointLight, 0x145A22, 0x4AD766, 20, ballBumpMat.bitmap,
ballMat.bitmap);
//combine the shader with the original material
var ballShadedMat:ShadedMaterial = new ShadedMaterial(ballMat, ballShader);

Example
Source