Following on from my last post on grayscale images, I've made another preloader to illustrate how you can animate an image from grayscale to colour.
The preload consists of an image and a loading label. The image starts off gray, and as the preloader progress value increases it gradually becomes coloured. The alpha value also increases from 0.5 at the start to 1 at the end. To spice it up a little I also added in a GlowFilter and a DropShadowFilter.
Here it is in action, click the RELOAD button to show the preloader again.
For another example of a custom preloader, check out this blog post on Another Custom Preloader.