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This has to do with the FLV format and not the VideoDisplay control. The NetStream.seek() function which VideoDisplay encapsulates can only seek to key frames.
A Key Frame in a video is a frame that is redrawn completely. When you are compressing your FLV's you have many options to set for Key Frames. The more Key Frames you have the bigger the file size, most FLV's are probably compressed at 15-30 fps and will have their Key Frame rate set to every 50-100. At 30 fps and every 100 frames make a key frame you are actually only getting new key frame every ~3 seconds.
No when the NetStream.seek() function is called it finds the closest Key Frame after the time value you give it. So basically the video you are watching has a Key Frame at 0 seconds and 6.974s.
So the behaviour I encountered is not so weird after all... :)
Thanks for your reply, Renaun.
It was really helpful.
Glad it helped, sorry there wasn't a better solution, but it is what it is. Compressing video for the web opens a can of worms, but its so much fun.