To convert XMLList date to date, first convert it to String then the date string into Milliseconds using the Date.parse method. Then you can convert the seconds to Date object
Ex: var dateString:String = xmlDateValue.toString();
var dateInMilliseconds:Number = Date.parse(dateString);
//date format "Wed May 4 15:30:17 GMT-0700 2011"
var curDate:Date = Date(dateInMilliseconds);