Adobe announced the Adobe Media Player software at the NAB 2007 in Las Vegas.

Adobe Media Player is a desktop application that enables new ways to distribute and monetize media, while helping viewers discover and view high-quality content both online and offline.
For viewers the Adobe Media Player enables higher quality Flash format playback, the ability to download and view videos offline, ways to discover interesting new shows, full screen playback, one-click viewer ratings, and a powerful Favorites feature that automatically downloads new episodes of favorite TV shows or video podcasts.
For content publishers, Adobe Media Player enables better ways to deliver, monetize, brand, track and protect video content. It provides an array of video delivery options for high-quality online and offline playback, including on-demand streaming, live streaming, progressive download, and protected download-and-play.

Adobe Media Player is planned to be available as a free beta download from the Adobe Web site later in 2007 with full availability expected by the end of the year, from Adobe and a wide range of media and technology partners.
More details in this Adobe press-release. Screenshot on Reuters.