Here is a little project that has been developing this year and has just now released the 1.0 version. Miro 1.0. What is Miro?
Percy Cabello puts it best in his review:

Miro is an open source video player that aims to provide both, a capable video player and a platform for enabling people to create and distribute their own video content.

After downloading it I think of it like a better iTunes video player. It allows users to select video content from across the web, organize it, manage the files, and play it all in one space. At the moment the project is still relatively small but it is growing fast. Because it is open source there are loads of options for end users who want to get creative with things. Users have the ability to co-brand players, create and submit their own feeds, and best of all change and use the source code.

Why is an open-source video player such a big deal?
Think about it. With open source anyone is free to change the source code, contribute bug fixes and features, and make new versions. This is a huge push for the little guy to be able to compete and pushes the web forward. All of a sudden technology becomes accessible and available.

Looking at the player I’m impressed with the interface:

Like I said, it feels a bit like iTunes, but it has some nifty features. For example you can search for videos from across the web. Not just in iTunes. You have the option of searching video sites like YouTube, Veoh Video networks, Google Video, Daily Motion and more. Additionally, you can move your entire library to an external hard drive if you run out of space. And videos that you download will auto-delete after a few days OR you can choose to have them remain forever depending on selections that you choose.

Anyway, this is a project that web video geeks should be watching. I suspect a few big companies may even have heard a shot coming across the bow (fake cough.. apple).

For more info check out the Miro 1.0 features list.