Adobe’s been doing some really cool stuff with their AIR runtime lately, and their new Media Player doesn’t disappoint. It allows you to stream or download video content from a number of different networks, or you can add your own (like Dear Toronto) by using an RSS feed.

From what I’ve seen so far, all of these AIR-based apps are really slick, and they give a great experience to the user. Certainly opens the door to a new world of possibilities for AJAX/FLEX/Flash developers.