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Adobe® Media Player software provides control and flexibility to view what you want, when you want — whether online or offline. You can queue up and download your favorite Internet TV content, track and download new episodes automatically, and manage your personal video library for viewing at your convenience.
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The media player is okay but I feel like the content is limited. It'd be interesting to see somebody try to create a nice MP3 player out of AIR, though. It could store metadata in the sqlite database, set up folders to scan for new media files, support drag and drop, file associations... and then take it to the next level and offer some sort of broadcasting feature, tied into the mic as a mixing board. I could see some cool stuff. :)