Comment from External User:

Following is a related post by another developer seeking this functionality:
http://www.kirupa.com/forum/showthread.php?t=274183

Regarding priority, I realize that likely there are scant few use cases for embedding FLV/H.264 vs loading dynamically at runtime. With the Flash IDE, embedding video is a longstanding feature and the use cases do exist.

Adobe sucks, and Flex is a piece of shit. I for one welcome our new Microsoft Silverlight web overlords.

[#SDK-259] support FLV embedding - Adobe Bug System