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Listen for selection changes:

<js:List id="list" labelField="label" change="onChange(event)"/>
<fx:Script>
    <![CDATA[
        private function onChange(event:Event):void
        {
            var selectedIndex:int = list.selectedIndex;
            var selectedItem:Object = list.selectedItem;
            trace("index:", selectedIndex);
            trace("label:", selectedItem.label);
        }
    ]]>
</fx:Script>