The first release of OSMF, 1.0 is out. This is great news for both developers and publishers. Using the components from OSMF you can build quickly high quality and fully featured video players. And if you think about this, it totally make sense. I mean if you are a publisher your main expertise is to create/distribute/monetize the content and not to create advanced video players. And if you are a developer then you get an excellent start using components that were already tested and supports the latest advancements from the Flash Platform (Flash Player 10.1, Flash Access 2.0, HTTP Dynamic Streaming).
OSMF gives you the blocks you need to build a modern and powerful video player. What if you just want an out of the box player? Well, you have to take a look at Strobe Media Playback then. This is a compiled SWF that gives you a video player created using the OSMF.
I just want to add one more thing: OSMF was developed by many parties, not only by Adobe. Others submitted plug-ins and code. I know my friends from Kaltura are one of them, but other big names like ESPN, Akamai, Brightcove.
You can find more here.