There's a good post over at ONLamp about building your own "MyTube" using PHP and Flex (and ffmpeg). I'm not too interested in the PHP part, but how to encode and display Flash videos is a pretty useful thing to know (and apparently not too hard). Note that -- and I know this from practical experience -- re-encoding videos is very computationally expensive, so be prepared if you want to do this in a serious way.
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