John Dowdell provides a link to a video on Rob Savoye/Gnash in a comment to Ryan Stewart's blogpost on the Enhanced Flash Player... that was quite long :)
Now if you see the video, it's interesting, to me at least, how over half of it is 'wasted' on Flash 'security' (specifically, harvesting of data/cookies), which I feel is a moot point, btw.
Towards the end, however, Rob talks about what could be the actual utility of the free (as in speech and beer) flash player. Gnash uses gstreamer/ffmpeg to support all the audio and video formats of the gnash player, so rather than being able to play only proprietary formats like mp3 and flv, the gnash team plans to increase the adoption of the free codecs as well.
He also mentions that the player is embeddable, and for a lot of content providers/consumer electronics people, java is too big; the interviewer mentions that embedded Java hasn't been easy to use and solutions she's found haven't been as wora as they should be... which is something I've heard from Richard Leggett before--he's the in-house Flashlite guru at AKQA, has a book coming out on-topic btw, and is well respected in the community on the subject.
imho, this is the most important point Rob should have made, and that is sadly buried towards the end. Gnash is an embeddable audio/video streaming client, with support for proprietary and open codecs alike, that happens to be flash programmable.
-- eokyere :)
Gnash - http://www.gnu.org/software/gnash/
personal experiences and code :)