Here is another cool new web part added to SharePoint 2010 – The Audio & Video Web Part [ a.k.a Media Web Part ]
The Media Web Part is a Silverlight Control. Once you edit the page, its available from the Insert tab in the SharePoint Ribbon.
This will add the Media Web Part to the page:
Clicking on the web part, the Web Part Options tab is revealed in the Ribbon:
You can select your source from the Change Media button menu.
From SharePoint opens up the Asset Picker dialog through which you can select a video from the current site/subsites:
Here is the video playing in the web part:
You can also change the image of the web part from the Change Image button in the Ribbon.
Currently, only two styles are available – Dark and Lightby