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Adobe Media Player is limited in UI and ability compared to some Flash-based players or other technologies like the K-Multimedia Player or QuickTime, but Adobe is trying out revenue sharing, ad support, DRM, usage data etc. As discussed in previous posts, most of the features are for back-end developers, but there is a partnership with Blip.TV that provides an easy way to generate a custom channel with a MRSS feed. Also, there's already a code-oriented feed tutorial shown by Tiago.
There should be much more on this soon from the usual suspects; for now Deeje Cooley has a summary in Internet TV: Redefining "Media Player".
Update: Beet.Tv has an interview in which "Adobe's Kevin Towes explains about file size, bit and byte rates of Flash files and how the new application provides a means to download and save large files. For an in depth review of AMP, check out this post by Michael Calore in Wired."
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