Use SetStyle to change panel style value
<?xml version="1.0"?>
<mx:Application xmlns:mx="http://www.adobe.com/2006/mxml">
<mx:states>
<mx:State name="Register">
<mx:SetProperty target="{loginPanel}" name="title" value="Register" />
<mx:SetStyle target="{loginPanel}" name="backgroundColor" value="0x00FFFF" />
<mx:SetProperty target="{loginButton}" name="label" value="Register" />
<mx:SetStyle target="{loginButton}" name="color" value="0xFFFF00" />
</mx:State>
</mx:states>
<mx:Panel id="loginPanel" title="Login" horizontalScrollPolicy="off" verticalScrollPolicy="off">
<mx:Form id="loginForm">
<mx:Button label="Login" id="loginButton" />
</mx:Form>
<mx:ControlBar width="100%">
<mx:Button label="Change State"
click="currentState = currentState=='Register' ? '':'Register';" />
</mx:ControlBar>
</mx:Panel>
</mx:Application>
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