So you need to create a video player in flash. There are a few ways to do this but what is the best way to approach it? It ultimately comes down to what you are after and in case you're not familiar with the points below have a read and hopefully it can help make your decision.

FLVPlayback
Pros
- Quick, drag, drop, set parameters on your way.
- easier to skin than previous component versions
- ability to add cue points
- implement standard captioning through FLVPlayback captioning
- access to built in VideoEvents, volume controls with built in full screen fucntionality

Cons
- Filters and effects would be applied to whole component
- difficult to add custom functionality without deconstructing underlying code (can experience unusual results)
- publishes redundant classes that increase file size

Video Class
Pros
- fully customizable video player
- complete control over hadnling events
- reduced file size

Cons
- need to create own handlers to respond to NetStream events (no built-in events on Video class)
- fullscreen hardware acceleration only available in latest flash player
- without latest player video scales to screen size.

Limitations of fullscreen
- You must have version 9,0,28,0 or later of Flash Player installed to use full-screen mode and 9,0,115,0 or later for hardware-scaled full-screen mode.
- fullScreenRect only available in latest flash version. fullScreenRect chooses what part of the screen scales to fullscreen.
- in earlier versions of flash fullscreen was not supported if wmode is set to transparent or opaque

To get around the latest flash player issue include expressInstall so the user has the option to install on the fly the latest player. People without administration rights may have trouble with this as the only drawback.

Also included a link to Flash Video for Professionals by Lisa Larson and Renee Costantini on Amazon.com. It has useful information on how video is handled in flash. I found seeking to be very interesting, where if you scrub the video playhead it will snap to the nearest keypoint in the video. The more keypoints, the more seamless seeking appears.

Other useful links and references:
- Adobe full screen mode article: http://www.adobe.com/devnet/flashplayer/articles/full_screen_mode.html
- Adobe full detection kit: http://www.adobe.com/products/flashplayer/download/detection_kit/
- Fullscreen Demos:  http://labs.adobe.com/wiki/index.php/Flash_Player:9:Update:Full-Screen_Mode:Demos
- Flash Video for Professionals: Purchase on Amazon