haXe is also a very well designed language. Its syntax is similar to ActionScript 2.0's syntax, but haXe's type system -- a mix of static, dynamic and inferred typing (similar to that ML-derived languages) -- is far better than ActionScript's simple dynamic typing. From my experience using haXe, its type system is extremely helpful for catching errors early and developing maintainable code without sacrificing the flexibility of dynamic typing when you really need it. haXe's support for object oriented programming, closures, iterators, type parameters (similar to Java generics), enums (powerful variants types) and fully typed anonynous objects should convince you that haXe isn't a toy language by any means.
As you might have guessed, all is not perfect. haXe's server side features are not very mature -- but Nicolas Cannasse, haXe's creator, is developing them rapidly (and the Necko Virtual Machine, on which the server side code runs, looks pretty solid: Necko is supposedly 30x faster than PHP). The Flash 8 support is superb, but it's not clear when Nicolas will implement support for Flash 9. (Right now Flash 9 is in beta. I think Nicolas is planning to tackle Flash 9 support when Adobe makes the final releases.) In addition, the haXe community, although very enthusiastic, is much smaller than the various LAMP communities, so don't expect too many 3rd party libraries and tools (but you don't need such luxuries anyway: write your own!).
Keep haXe on your radar. In the meantime, unless you're doing Flash development, go back to Ruby on Rails -- but don't forget that "haXe on Rails" ("haXOR," aptly suggested by a mailing list member) is around the corner.