Creating a node with an embeded media link to a video hosted on blip.tv is not displaying the video properly.

When I paste (http://blip.tv/antioch-college/365-project-the-elder-s-speak-being-black...), I do not get embedded video. Instead, I get a text link pointing to http://blip.tv/?v=hKo7g4%2BZMgI. Following this link sends me to blip's homescreen (I guess this is a 404 redirect).

I get the same results with both 7.x-1.0-alpha1 & 7.x-1.x-dev. I'm using this with Media 7.x-1.3.

I have media_youtube set up as well and those links work as expected.