This one shall never be forgotten. After a couple hours more of troubleshooting this issue I returned to a dialog setting I visited once before. But this time I tried something a little different;
As I stated before, if I debug my Flex app, the app runs in the browser but the debugger is unable to connect. So I ran it again. As the debugger was trying to connect I went to the running app in the browser. I right-clicked on the app bringing up the Flash Player context menu. I clicked on the Debugger menu item (see image below).
This then brought up the familiar Flash Player Debugger dialog box (see image below)
Now in the past I would simply click on the Connect button, but with no success. I then decided to specify Other Machine and entering my localhost IP address (I tried entering Localhost without success). I then clicked on the Connect button. Suddenly a change occurred on the Flex Builder interface. I first though that the process of waiting for the debugger to connect timed out, but Low and Behold! The debugger connected!! I couldn’t believe my eyes. Was it that simple all along? I stopped the debugger and started it again with my breakpoints. Again the debugger connected … without complaint. I am now a happy camper.
I’ve been suffering headaches for the past couple of days (even today). This issue only served to make them worse. I even dreamed about it last night. However now I can clear my mind and rest easy that my Flex Builder Debugger is Back! (unfortunately so are my headaches)
Thanks all who commented on my last post for the help. Even though none of them provided a solution, I learned a lot along the way.