Say hello to a new member of the Flash Media Server family: Flash Media Rights Management Server, a platform to 'protect media content delivered to Adobe Media Player and Adobe AIR applications'. In short, the server provides DRM for Flash video.
The nice thing about its approach is that video files themselves are not being manipulated, but instead policies can be applied to tie a particular video to a user or device for a certain amount of time, or indeed make it free for all but tied to a playlist which may contain advertising. Policies can be altered or removed later, making re-purposing existing materials easy without the need for re-encoding.

the price tag of $40,000 may be shocking at first but it shoudl be remembered that you or I won't pay that bill, but the Sonys and Akamais of this world probably will. So yes, we'll get to play with it (I hope) but we will likely never ever buy an actual license.
Tim Siglin has some more coverage on it, the Adobe press release is here, the product page here.

Remember to add one more acronym to add to your vocabulary - FMRS is the Flash Media Rights Management Server which was released today.