From ZDNet:
Macromedia announced a hosting partnership Tuesday [with VitalStream]and several other developments intended to popularize the use of its Flash format for delivering streaming video.
full story:
http://zdnet.com.com/2100-1104_2-5125717.html
…
Thats all well and nice, but in my honest opinion, Video for Flash sucks. 
Hopefully this is a step in the right direction to further improve it.