Open Source Media Framework (OSMF), that is developed by Adobe, is a software framework for building feature-rich Flash video players and applications.
It can be integrated into custom applications using the simple API, or you can deploy the ready-to-run dynamic SWF player without compiling or writing custom scripts.
OSMF comes with standard player features such as playback controls, video navigation, buffering, and dynamic streaming.
Also, the ready-to-use plug-ins for advertising, reporting, and content delivery help extending the capabilities of the framework.
And, it has much more features like error handling, logging or buffer management that makes OSMF very promising.