Some of the big sites have embraced is as the better way to display video on their site, a way to seamlessly integrate videos without bothering with an external skin. Look at great sites like "CNET (CNET)":http://www.cnet.com/ and "Google Video (Google Video)":http://video.google.com/ doing it. Why aren't you, "Time of India (Time of India)":http://broadband.indiatimes.com/articleshow/1328565.cms, doing it? Or are you waiting for coupla more decades to come to the trend? Why is it that, you seem to live in the pre-Firefox days?

__Update__
Microsoft uses Flash Video. Look at the "MSN.CO.IN (MSN.CO.IN)":http://www.msn.co.in/ site on the upper left corner, they have a Flash Video of commercials at the time writing this article.