I know there are countless custom Silverlight media players out there, but why not! I decided to roll my own as I thought it would be a good learning experience. There are plenty of interesting issues that need to be considered. How do you handle full screen mode, how about resizing and dragging. What about an animated dashboard that displays a timeline and VCR like buttons. Finally, the control should be written in such a way that you can host one or more play backs videos all by inserting some simple XAML to your page (of course you will need to reference the assembly containing the control).
Take a look at it in action. Below are two instances of the control each loading different videos (be patient it may take a while to buffer the content).
If you are interested in the code for this control then visit my Silverlight Gallery. There you will be able to download the code.