The Open Video Player initiative has just (rather silently) released version 2.0 of their player framework.
Open Video Player is a framework for building media players and currently features versions for both Silverlight and the Flash Platform (which includes Flex). In their own words: "The Open Video Player Initiative is a community project dedicated to sharing player code and best practices around video player development and monetization." It is supported by Adobe Akamai, Microsoft and others. Akamai in particular (thanks to Will Law) seems to be pushing the updates on the Flash front.

In short, this framework tries to encourage industry standards and best practices around video player development. A great idea since the video player itself must have been re-invented thousands of times by hundreds of developers. I now encounter clients who specifically ask about this framework, and adding it to your toolkit would not be a bad idea (it certainly beats the FLVPlayback component...).