Using the HelloWorld6.as example seems to provide a very small base, but it doesn't support two key features that OVP does, which is Dyn-RTMP/SMIL.
Adding in the SMILElement (from the SMIL plugin source) doesn't seem to be a working solution, as it doesn't appear to work properly (just doing a simple replacement of the LightWeightVideoElement - displays nothing) - and also jumps the compiled version of the code up to ~95k.
My guess at what would be required would be a new SMIL parser (not structured as a plugin) that doesn't use the media factory, and also add in the Dynamic streaming classes to correctly associate with the SMIL (I would guess that these are added when the SMIL element is but I could be wrong).
I'd probably have to build in a better control system than just manually manipulating the traits.
HelloWorld6 is a interesting example - but given that it only plays Progressive and simple RTMP at 36k (with no control system) - I'd debate if that's it's really that useful, as I can build a simple Progressive/RTMP player with straight AS3 code with a minimal control system for a compiled size of 6k (or even less).
For now I've recommended that we continue to offer an OVP version, as I'm not seeing a great solution with OSMF that can get as small as the ~26k compiled code base.
That does confirm my suspicions, while the video with RTMP/MBR techincally would come to ~40k, that still doesn't include SMIL file support, and a very limited control set.
While OVP might be in the process of "riding off into the sunset".. I think I can see uses for it in certain situations.
Thanks again David.