Here's a basic overview of video on the web & Adobe with a few twists I hadn't heard; and comments from John Dowdell:
"W3C: Lynch on video: A 20-minute video interview with Adobe's Chief Software Architect, Kevin Lynch, at the W3C Video on the Web Workshop earlier this month. I haven't listened to it yet, but it likely follows the Adobe position paper submitted to the conference: video needs extend beyond HTML browsers; we need improvement in metadata, search, quoting, text tracks, distribution controls, and delivery to multiple devices; and Adobe has no objections to a VIDEO tag if the browsers change to invoke the user's choice of video engine that way: "[It would be useful to] establish video as a top level element in HTML, and support mapping to player technology. This could be approached even more generally, to enable better integration of technologies such as Flash Player with the HTML document object model." More position papers are here, and there are additional video interviews with the W3C's Steve Bratt and Doug Schepers."
Update: NewTeeVee has some rather involved posts with and about video, including: What Will Happen to Online Video in 2008?, NTV Predictions: Mobile Video, and NTV Predictions: Video in the Living Room.