Beet.TV has an interview on AIR and its implications for video with Ryan Stewart, a Rich Internet Application Evangelist for Adobe. Beet.TV has more from the Adobe Engage conference, just scout around.
Apparently Microsoft's Silverlight will be in the spotlight next week. Silverlight 1.0 is primarily focused on video, and word is that the features management wanted could only be done now in Flash (which is often done on the Mac inside MS). That should change with Silverlight 2; see Scott Guthrie's blog post First Look at Silverlight 2 (beta release 1).
Update: there's more on this from Adobe VP David Wadhwani (and more analysis on Beet.TV and a 2007 overview in The Architecture of Flash):
Update 2: eWeek (3/3/08) talks to CTO Kevin Lynch about AIR and Open Source in Adobe Floating on AIR.