John Gruber said it best, way back on February 1st of this year:
This is so fucking great: an HTML5 video player by Jilion with beautiful playback controls, click-to-play control over automatic buffering, full-window playback with gorgeous animated transitions, and more.
Now SublimeVideo has gone into a limit public beta. You can sign up for beta on http://sublimevideo.net, a new site they created for the product. I’ve seen and played around with other players the last few months, but SublimeVideo looks like the best of breed! If YouTube embedded videos now supporting iOS devices wasn’t enough, when SublimeVideo hits the streets it will be another devastating blow to Adobe’s flash player.
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