Video is by all means one of the most important aspect for delivering material and content. My website currently use Flash which is recommended to support, sinse HTML 5 is still young and many website's across the web is still waiting to upgrade. But first come first...
When embedding Flash content, especially video, the code can varie depending on if you use a dedicated flash player or another simpler solution.
Remember even though Flash is a great way to distribute video and other media, not all formats supports it, Adobe themself have more or less given up on the Mobile space.
Here is an example of how a Flash embedded code could look like!
I'm using a Flash player called Moyea web player and this is the copy and paste code you get from the site page, it has a few and far between tweaks.
Here is a embedded code directly from Youtube which Google themself makes available for ease of use.
the only downside with using a thirdparty streaming player is of course all the strict and tight regelation they have.