Adobe announced yesterday Flash Media Server 3.5, the next version of FMS. Just a few major changes this time: Apache is built in and can be used for delivering media files including jpeg, swf and video files. Dynamic Streaming : out of the box switching between streams of different bit rates. DVR : rewind on live streams. Kevin Towes, Product Manager for Flash Media Server, has a long blog post detailing the above 3 features and some useful links you might want to check out, including this demo website with some great example of HD flash video: FMS 3.5 is just announced, it is not yet available for download but hopefully it will be released soon!