If you are a developer spending a lot of time developing various work-flows around online media-players (audio, video, images – players), I strongly recommend you to check out Open Source Media Framework (OSMF). I am sure, you would find it worth start using it and also contribute back whatever you can.
Following are the reasons, I am going to use OSMF and give up my existing frameworks:
It would solve core issues (video playback, delivery and workarounds for various limitations in Flash Player, etc)
It would adopt various standards (playback, cdn, advertising, etc)
Larger developer base, that means bug fixes and various features would be available very often
I love open-source and see myself contributing to OSMF in future, beyond my current projects.
H.264 videos – Notice the high-quality playback link below videos on youtube
This is really amazing, we can build kick-ass applications that would use YouTube’s platform for media upload, conversion (trans coding) and delivery, seamlessly.
I am yet to confirm, how easy it is to load and control YouTube’s player in our Flash/Flex apps? Controlling loaded SWFs is hard, unless it allows cross-site scripting through Security.allowDomain (“loaderdomain.com”). I hope, some day Flash Player would have more Security APIs, which would let us expose a set of interfaces to loaders (SWF loads another swf from different domain).
In any case, we can overlay iframe/div to show the video. That’s what I am doing for Yahoo! Live Mashup.
Update (March 12, 2008): YouTube’s chromeless player can be loaded in Flash/Flex applications and can be controlled. That’s what I heard Geoff Stearns, Flash Engineer in YouTube and SWFObject developer, saying in this video.