Here is the markup used to display the video:
Basically, this parses out VIDEO element / tag and its attributes, and replaces it with the appropriate OBJECT or EMBED element to display a Flash video player that loads the specified video. It has support for playing back both h264 content and FLVs.
Currently the following VIDEO attributes are implemented:
The tricky part will be cleanly implementing the VIDEO DOM scripting API, although I believe that that should also be possible.