Flash Video: Progressive Download vs. FMS hosting vs. Red 5

I am creating a Video Production Company’s portfolio website, and I want to show high quality videos of the work. I am new to Flash Video, and I was wondering if anyone had any suggestions/preferences for how to play the video. This is a small-scale application with 10-25 videos that would be no more than 2min in length. Ideally, I want the videos to be able play consecutively with minimal delays.

Can you get reliable, steady, high quality video using progressive downloading?

Is Red 5 a good alternative to using FMS?

Is FMS hosting worth the expense?