When items in a CombBox compnent instance are removed with ComboBox.removeItem() method, its size of drop down list will not be adjusted. I suspect that this behavior might be a bug because ComboBox.removeItemAt() method properly reset its size.

Combobox.removeItem() -> Combobox.removeitem()

In order to set size of the drop down list properly call UIComponent.validateNow() method after an item is removed with the method like the following code:

// Frame action
import fl.controls.ComboBox;
var myComboBox:ComboBox = new ComboBox();
addChild(myComboBox);
myComboBox.addEventListener(Event.CHANGE, xSelected);
myComboBox.addItem({label:"Dreamweaver CS4", data:"html"});
myComboBox.addItem({label:"Fireworks CS4", data:"png"});
myComboBox.addItem({label:"Flash CS4 Professional", data:"fla"});
function xSelected(eventObject:Event):void {
	var myItem:Object = myComboBox.getItemAt(0);
	myComboBox.removeItem(myItem);
	myComboBox.validateNow();  // Insert this statement.
}

In the ComboBox class ComboBox.removeItemAt() method calls UIComponent.invalidate() method after deleting an item with List.removeItemAt() method.

public function removeItemAt(index:uint):void {
	list.removeItemAt(index);
	invalidate(InvalidationType.DATA);
}

However, ComboBox.removeItem() method does not call the method.

public function removeItem(item:Object):Object {
	return list.removeItem(item);
}

Therefore, UIComponent.invalidate() method could be used instead of UIComponent.validateNow() method.

// Frame action
import fl.core.InvalidationType;
import fl.controls.ComboBox;
var myComboBox:ComboBox = new ComboBox();
addChild(myComboBox);
myComboBox.addEventListener(Event.CHANGE, xSelected);
myComboBox.addItem({label:"Dreamweaver CS4", data:"html"});
myComboBox.addItem({label:"Fireworks CS4", data:"png"});
myComboBox.addItem({label:"Flash CS4 Professional", data:"fla"});
function xSelected(eventObject:Event):void {
	var myItem:Object = myComboBox.getItemAt(0);
	myComboBox.removeItem(myItem);
	myComboBox.invalidate(InvalidationType.DATA);  // Insert this statement.
}