From the README:

This module can support the 3x player, but it is now focused on the 4x functionality.

Place the mediaplayer.swf file in this module directory and set your configuration options
per content type at admin/settings/flvmediaplayer. You can also place the player where
you choose and set the path on each profile that you build.

The current version of the player is 5.8.

The file downloaded from the site is called player.swf, not mediaplayer.swf, presumably something that's new to recent versions.

The last commit to this module by a human was May 6, 2010 14:05 -- is it still being maintained? Should its status be changed to 'needs co-maintainer'?