The Open Source Media Framework has today reached 1.0 status. If you're like me and have been holding back on using OSMF until it is out of beta then now would be a good time to dive in and start getting familiar with it.
As you probably know, OSMF is a standardised foundation on which developers can build fully featured media players (not just for video playback) that encompass pretty much every aspect of delivery the Flash Platform has to offer be it dynamic streaming, live and on-demand content, image slideshowsn audio players and much much more. Some of the video components in the newly released Flash Builder product are also based on OSMF, and ship complete with source code.

Go check out OSMF and have a play.