Innovation in web video players, and meta-players, is covered in recent articles, with CinemaTech providing a short survey:
CinemaTech, An Emerging Issue: Capturing and Storing Flash Video
New TeeVee, Break.com’s Innovative New Video Player
Beet.TV, Adobe is Not "Real" Postive about Real Network's New Video Player
Beet.TV, (an original Flash developer) Allaire of Brightcove on Real's "Illegal Piracy"
Break.com's player below is pretty cool and goes way past Veoh's recent innovation, although Break doesn't replicate Veoh's OSX-Dock-like navigation bar:
The Video Player - Watch more free videos