There is no FLV component in Catalyst today, though it's a hot request for future versions. You can import a SWF that has embedded video, or, as always, import the project into Flash Builder and add video components there (check out the VideoPlayer class).
Two thumbs down. Don't see the difficulty in implementing flvplayback. It seems other relatively complex elements are in FC. Why not a HOTLY sort-after feature? Video is the way of the web. Come on Adobe, pick up that ball.
I'm with the original poster here, very interested in this feature being implemented and surprised it's not TBH
Video support is something we are currently working on and you are likely to see in the next beta. :-)