I updated my project to the latest download link on sourceforge and now the videos flicker when they loop. The code I was using is pretty basic. I use a MediaPlayerSprite pass it either a VideoElement or a SerialElement set its loop to true and play. It loops as expected but there's a visible flicker. The flicker is quite long on 720p or 1080p videos and shorter on smaller ones. But it is un-usable.
The flicker occurs with both a single VideoElement or a SerialElement with multiple VideoElement.
I use a Library project in FB4 that also uses AIR. The default OSMF swc has been removed from the Lib Path under Properties. I have my swc in a separate libs folder, including the OSMF.swc (modified 11/03/10).
The project is then compiled from the Flash IDE. There the FB4 Library project and the libs are also referenced.