cross-platform, based on open standards is vague enough.... What are open standards anyways? And how is it 'based' on it? I guess it's easier to use what's already there than it is to reinvent the wheel huh.
Adobe Media Player enables higher quality Flash format playback
Flash is not very open.
the ability to download and view videos offline
right, can't I just use a browser for that? why do I need some ugly player for that?
I can quote pretty much every line from that and make a comment of how it's not by definition a good thing for anyone but Adobe.
I can only read the announcement as a direct threat to anything open. Adobe is trying to push it's other products along with this new player and make every web developer believe they need to use it by using terms like "Rich Internet Applications". The web won't gain much except more wasted bandwidth. It's meant to make Adobe rich, not the web.