Adobe have today announced the open source release of the project formerly known as Strobe. The Open Source Media Framework (OSMF) provides a robust code base for media playback of any kind (video, audio, SWFs, images and more).
I've been briefly involved in the Strobe pre-release program and while I haven't built anything meaningful with it yet I have to hand it to Adobe for making a really great effort here. This framework is a solid foundation for any sort of media player that you may want to build, and since it does not tie you to a specific UI (quite different to what the FLVPlayback component provided) it gives you great flexibility for your own players. A set of APIs and plugin hooks allow you to also build your own extensions for the framework while maintaining compatibility with the underlying code base.

Admittedly the learning curve will be a bit steep for some but I have no doubt that we will soon see a few more packaged and easy to digest players pop up which can be used 'off the shelf'. I also expect all the major CDNs to release plugins for OSMF or document ways to interface with their backends - as we know, almost every major CDN currently has its own quirky way of connecting and playing a Flash stream.

There's more to OSMF than what I can cover here and I suggest you head over to the Adobe website and check it out for yourself.