Decent
It's an interesting start...
I can see a relatively good game coming out of this, but I would recommend adding some things.
For example, you could make levels, powerups and the like, and provide different kinds of challenges.
You also do not need to have the ability to move the pipes from side to side because technically you could just rotate the whole board to get gravity to help move the ball closer to the correct tube. This would add a new element of challenge.
If you come up with other such elements of challenge, you could set up the game in a series of training levels which involve the need to use a new technique involved in the game so that the player would learn how to be proficient in it.
Exercize your creativity. You could potentially make this into something unique and enjoyable. As is, though, it feels more like a test of actionscript, and not a real game, though that may very well be what it is.
Good luck!