Imediasee offers a player module for Drupal -- free and open source.
Now you can easily add affordable high-quality streaming video to your Drupal site, even if you’re using shared hosting and have limited bandwidth. With the Imediasee Premium Player Module you can embed your Imediasee hosted videos on your site with a simple tag. Upload your Flash videos to Imediasee or have us encode them for you. Either way you can video enable your 5.x or 6.x Drupal site in just a few minutes.
The module also includes support for the Embedded Video Field of the emfield module so if you use emfield, Imediasee can appear as a supported video format.
We think the emfield module is great, and are happy to be supporting it, but believe that the Imediasee Premium Player module is useful both with and without emfield. Emfield is wonderful when you want to treat videos as a field with all the field control we’re accustomed to from CCK. Using the Imediasee Player Module by itself allows you the freedom to easily place one or more videos anywhere on a page in an ad-hoc fashion. They are different solutions for different use cases. The two approaches are not mutually exclusive, and may both be used on the same site.
This module is available at http://drupal.org/project/imediasee. As with all contributed Drupal modules, it is free and open-source, allowing you to customize as necessary, however it’s only useful if you have an Imediasee video hosting account.