On January 12th, the latest version of Flash Media Server for video and audio streaming was released. Flash Media Server 3.5 builds on the state of the art features of the previous version (such as H.264/AAC video and audio streaming and content protection) with new features including: HD quality with dynamic streaming and DVR capabilities (you can skip, and go back in a stream as it was a locally recorded video). A HTTP server was added, so you can deploy a complete media delivery solution from a single server.
You can find more by going to Flash Media Server Developer Center. There you can read about the new features of FMS 3.5, best practices for dynamic streaming, how to make the transition from Microsoft Media Server to the Adobe Flash Platform, and much more.