One principle that everyone at Automattic cherishes is open sourcing. WordPress is 100% open sourced product, and thanks to the tremendously supportive community, it has risen to become the leader in the blog software space.
Automattic just open sourced the video framework which is used to power wordpress.com. The package contains video solutions framework, including transcoder and administration interface utilities, written in PHP. It supports multiple formats including standard, DVD and HD.
If you are looking to build your own video solution for your WordPress MU installation, or even start a video company to compete with Youtube (eg, in a niche market), you should definitely check this out.