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Today Adobe released an update to the FLVPlayback component (v2.5.0.15) for Flash CS4 and Flex 3 (yes, Flex is supported!).
This component has numerous bug fixes to make it more robust for streaming including support for Dynamic Streaming (multibitrate) and DVR. A new Devnet article is also available discussing these new features: http://www.adobe.com/devnet/flashmediaserver/ (note Part 2 of the DVR article by David Hassoun).

We also released the new DVRCast application that makes it easy to add DVR-enabled live streams to your website using Flash Media Server 3.5.

There's much more info on the new features on Kevin's blog.

You can download both tools from: http://www.adobe.com/go/fms_tools/

I can't wait to try these new features - just need to wait for the next suitable live event :-)
I think it is highly likely that this is the last update to the FLVPlayback component we will see as the upcoming Strobe framework is likely to replace the efforts made my the component. Love it or hate it, the FLVPlayback component helped countless Flash newcomers to get their video content online quickly. If this is indeed the last update then it will go out with a bang as these new features are pretty cool - and we've got a Flex version thrown in too.

Comments
[Add Comment]
Strobe seems very powerful and may be too complicated for some people. I wouldn't be surprised if FLVPlayback lives on as the go-to solution for simple applications.
# Posted By Eric | 5/23/09 3:43 PM
I agree, it will probably live on but it's unlikely that it will be updated many more times. I'm quite sure we will see Adobe release new players and components built on top of Strobe rather than FLVPlayback.
# Posted By Stefan Richter | 5/23/09 10:28 PM
This is likely the last update we'll see for the FLVPlayback maybe except for major bug fixes. At this point, I've been deferring enhancements over to Strobe. Strobe has an entire team backing it, FLVPlayback has... well, me. :) If there is a major need for a "simple player" once Strobe is released, I'll look at rolling some of my in-house source into a component. However, my hope is that Strobe will be the one stop shop for the novice to advanced needs.
# Posted By Brad | 5/26/09 7:02 PM