Alongside the recently released Flash Media Server 3.5 and its Dynamic Streaming and DVR capabilities Adobe have also pushed out an updated version of their FLVPlayback component. As Andrew Shorten explains, this component can be used in both Flash or Flex since it is not based on UIComponent. In short, FLVPlayback brings a more fully featured video component to Flex (dare I say finally), and while most of us have a love-hate relationship with this baby it's certainly good news for the platform, and you no longer have to 'port' your Flash based FLVPlayback component to Flex now (as I did here).
I gave the component a quick test drive and wrapped it into a Flex project that you can download and try yourself. The demo below uses FMS for streaming, the downloadable project uses a progressive download. Note that I'm using Oleg's excellent Swfobject 2.1 Flex template and I added the allowFullScreen parameter for this example and removed the history management (not really needed for a plain video player). Sources here.