It's not a dedicated video player, but Slidedshow Pro for Flash is a great program for displaying both images and videos. This is a sample video gallery.
You can mix both - or have videos in one album, and images in another and various ways to deploy, - either reading image/video data from an external xml file or have a php page read the images in to the slideshow.
The licence is for one user / two computers, but you can deploy it on as many websites as you like. Takes a bit to get into it, but is worth it.
What is good about it as a developer, when you get the call from your clients saying that they want to upload and organise their own images and vids, you can offer to install a (great) media CMS (Slideshow Director) which will cost about $39 but installs on their server and doesn't tie you down to having to constantly upload and organise their images and video.
(Also good video here - No 13).
