This change (along with some others) made many of the examples that i found not work – including a good one from @lisamarienyc on the adobe forums that I thought was best.

So I rewrote some portions and the resulting code is below:
questions, corrections, comments, and suggestions welcome.

package {

import flash.display.Sprite;
import org.osmf.events.LoadEvent;
import org.osmf.events.MediaError;
import org.osmf.events.MediaErrorEvent;
import org.osmf.events.MediaErrorCodes;
import org.osmf.events.MediaPlayerCapabilityChangeEvent;
import org.osmf.media.MediaPlayer;
import org.osmf.media.URLResource;
import org.osmf.net.NetLoader;
import org.osmf.traits.LoadState;
import org.osmf.traits.MediaTraitType;
import org.osmf.video.VideoElement;
import org.osmf.utils.URL;

public class OSMFExampleTwo extends Sprite {

	//our local flv to be played
    private const PROGRESSIVE:String = "trailer.flv";  //path to your progressive flv here

    private var _player:MediaPlayer;
	private var _video:VideoElement;

    public function OSMFExampleTwo() {
        trace("initialized");

		//create a new media player
		_player = new MediaPlayer();
        _video = new VideoElement(new NetLoader(), new URLResource(new URL(PROGRESSIVE)));

		//add an event listener to the video element to catch netstream failed errors
		_video.addEventListener(MediaErrorEvent.MEDIA_ERROR, onLoadEvent);

		//add an event listener so that when the player is capable of being viewed we can add it to the display list and watch
		_player.addEventListener( MediaPlayerCapabilityChangeEvent.VIEWABLE_CHANGE, onViewable );

		//add a new video element to the player
	   	_player.element = _video;

        }

	   //if the event fails - what comes through:

        private function onLoadEvent( e:MediaErrorEvent) :void {
           trace('ERROR (onLoadEvent): recieved a media error event');

		   var errorCode = e.error.errorCode;
		   	switch (errorCode) {
				case MediaErrorCodes.STREAM_NOT_FOUND:
					trace('ERROR (onLoadEvent): there was an error finding the file that was specified');
					break;
				case MediaErrorCodes.PLAY_FAILED:
					trace('ERROR (onLoadEvent): playback has failed');
					break;
				case MediaErrorCodes.NO_SUPPORTED_TRACK_FOUND:
					trace('ERROR (onLoadEvent): there was no supported track found');
					break;
				case MediaErrorCodes.FILE_STRUCTURE_INVALID:
					trace('ERROR (onLoadEvent): the file structure is invalid');
					break;
			}
        }

        private function onViewable( e:MediaPlayerCapabilityChangeEvent ) :void {
            if( e.enabled ) {
                addChild( _player.view );
                trace('player view');
            }
        }
    }
}

Sure there are other systems, html5 delivers video directly through the browser but much of the capability for innovation and interactivity is lost. Not to mention that there are few ways to tie events and other technologies to html5 video (someone is developing a html5 video ad delivery system, right?).

Html5 video is (for the time being) the exception rather than the rule – especially with all the infighting over codec standards. (Although google’s recent aquisition of on2 technologies could make one of the sweetest codecs available to all).

However, for the most part – adobe’s flash remains the standard method of delivery for the majority of onlne video we watch today.

With all that in mind we can see why the flash platform is so successful and is growing in many ways – especially exciting is the air platform.

But for the life of me I cannot find another application that *requires * flash. The web has (like it or not) moved to html strict compliant interfaces that make use of javascript to deliver interactivity that is as impressive within the desktop browser as it is on the mobile phone (another place flash is strikingly absent). In most of the ways in which it is applied – alternative technologies could easily be employed to create the same experience and functionality.

Online video is currently the saving grace for this technology, the only place where flash is crucial and necessary. Once video is adopted as a standard element – what will become of the flash platform?

In order for air to be taken seriously it will have to get real hooks into the operating system, requiring more trust from the user – but opening a lot of opportunity for flash developers to build *real* desktop applications as opposed to dektop based web interfaces.

Without a clear definitive direction from adobe I will be delving into javascript.

myMovieClip_MC.width = 300;
myMovieClip_MC.scaleY = myMovieClip_MC.scaleX;

Imagine a blank badge that was an embedded flex application on the right of your site. By highliting text somewhere on the page that you were reading and dragging the text to the app, the aapp would (in an ajax fashion) build an index of all the pages within the site that had that text within them, sizing the dragged phrase relative to the number of results that were returned. Clickin on the ntry would fade all of the entries to the bg color and bring up a list with brief description of articles that contained that entry. Clicking on that article would take the user to that article’s page.

Monetizing would be ad based as you woud have a dB of each users interests for the genre of that web site and could quickly produce relevant ads. The real quetion is how to get user to use it and how to get sit owners to distribute it. Giving the app away for free and tying the user generated tags. To finer granulated statistics is one option. However adding some soccial functionaity to allow each user to share their findings (through the twitter protocol?) could enhance awarenes and increase adoption

while i’m making a list if things to do, why not generate all of that to an online repository and include title and description – so that when you save one – all of the badges you have created are saved as entries with title and description – any you are given an embed code for a flash app that has all of your badges with some neat sliding interaction to reveal the number of times that has been clicked on and your title and description. choose title and description, and you’re off!

the badges could be aligned using the modulus functions (to determine the number of columns). the user could specify bg color(s)/image, width and header color (with on or off). save all created images to an s3 account, and you can then notify the friends of yours on your blog roll how many times their badge has been displayed, clicked for more info, and how many users have come their way via the badge.

the important thing will be to keep the look and feel n the user’s realm – and only associate with a url so that stats can be kept for that url…

MKTG: send out an email at every 100th click giving a synopsis of the recent stats – for 10.00 per year, the user can see a full detailed report and or have one emailed to them.

badges – web2.0 glossy, betaBurst, text, or pixel.
options – icon, icon location, bg colors, text, outline, outline position (inset or outset?)

small info button on the lower right, when clicked gives full info on the location and terms of the software.

What the hell, let’s pull the last 10 RSS entries when more info is requested for a badge!

store all of this as a flat file dB on amazon, and you have barely any server costs – all processing would take place on the user’s computer (possible to manipulate , save an upload via flex?)

benefits: one set of badges, that can be placed on multiple sites, and when design of the site changes, all you have to do is re-save with new BG colors…