Playing media will never be simpler than this. Adobe recently lunched a hosted service for playing back your media files. This is called Flash Media Playback , basically a media player hosted at Adobe. It is based on the Open Source Media Framework (OSMF). The full feature list is here. This has got a web configuration here. The point here is, one can just upload a video somewhere in the web and in the configuration, point the source to the respective URL. All that remains is copy-paste the generated code and you are ready with a media player, to play your video content.
The opensource version of the player is known as Strobe Media Playback and this is hosted at sourceforge. For those, who like to host their own media player, can download this and host it in the personal preferred location.
I took a test by implementing the Flash Media Playback. It took 2 mins to integrate a hosted f4v file in my server with the Flash Media Playback.
Peter Elst has already put in a plugin for wordpress to use Flash Media Playback.
Happy Flashing 🙂