If you haven't already, make sure to check out Sean Effel's latest Filefield + jQuery Media screencast! As was his earlier Feed API + Emfield video tutorial, this is a joy to watch: he does things in thirteen minutes that took developers hours or more to do even a few short months ago, and that's with a running commentary! By the end of the video, you will have learned a simple way to upload a video (using the light-weight File Field module) and have it properly displayed without any messy configurations or external libraries. Plus, as the recipe uses the jQuery Media plug-in wrapper module, the display will be cross-browser compliant and accessible.
Next on my plate for jQuery Media is to have it be easily added to nodes on an individual basis, so that a media clip could be linked inline and automatically turned into an embedded display. Additionally, I would like to make it an option for Views as well, perhaps as an additional setting. (Although even without that, my upcoming book Drupal Multimedia, to be published in September, goes into some detail about how this can already be done, to create powerful video and audio playlists.)