Adobe Media Player is an FLV video player and an Adobe content portal. The application used to include content from several different media companies but has recently decided to eliminate all content that is not made by Adobe. Now, all the videos that you can access from within this app are made by Adobe and consist of video tutorials on how to use certain Adobe apps, reviews, news, etc.
I don't really use many Adobe applications, but just wandering around within the interface I found several apps that I liked very much. The quality of the content available to every user is amazing. Tutorials are very easy to follow and attention to detail seems to be the norm.
As far as FLV playing goes, Adobe Media Player seems to do a good job. It plays any FLV video very well, even in full screen. You can even drag and drop videos onto the interface and they will automatically start playing.
One small flaw that I noticed is that while streaming videos from Adobe, when a video didn't buffer enough for smooth playback, the video didn't stop. It just kept playing but the image and sound would not show at all. This forced me to pause the video and go back using the bar. It is not a big deal but it could use some work.
All in all, Adobe Media Player won't play all the files in your movie collection (unless you keep it in FLV, but why would you?) and it won't allow you to stream video from third-party sites, but it is a great source for Adobe videos and a great FLV player.