I can't help you much with flash players because I don't do enough web based stuff to have experience with it, nor have I had the chance to install it and test it (I'd like to once I format my laptop).
However, following one of the links I came across this:
You can load and play .mp4,.m4v,.m4a,.mov and .3gp files using the same NetStream API you use to load FLV files now. We did not add any sort of new API in the Flash Player. All your existing video playback front ends will work as they are. As long as they do not look at the file extension that is, though renaming the files to use the .flv file extension might help your component. The Flash Player itself does not care about file extensions, you can feed it .txt files for all it matters. The Flash Player always looks inside the file to determine what type of file it is.
I don't know if that throws any light on the subject or not; it might well mean that you require a new tool to simply wrap your existing MP4 into a package with the player, or perhaps it's as simple as a bit of code that will load the flash player from a flash 9 installation and play the MP4 in it, so in effect you don't end up changing the contents or wrapping your original MP4 file. That would be awesome.
Again, as I haven't tested it first hand I can only guess at features; but this supposedly supports everything we've seen in x264 so far (using MainConcept's decoder), and HE and LC AAC.
It seems H.264 truly is becoming the defacto standard now. I hope youtube gets on board so we don't have to look at shitty blockfests.
But what does this mean for the Org? Bandwith permitting, you could perhaps have embedded webcasts/reviews/news... or a bit more ambitious, a preview system for AMVs (where a server side setup would attempt to encode the first 10 seconds of an AMV and embed it into the video description page).
At least that way you could avoid subtitled videos, or really bad ones.
I for one would like to see some non AMV user generated content. I really enjoyed RDS radio/TV and other rants I've picked up over the years.