Searching for a video player plugin

  • I am new to WordPress and I am trying to setup a test site so I can see if it will work for my website.

    Now I am in search of a video player plugin that satisfies the following requirements:
    1. It can play videos uploaded locally to my site
    2. It can play videos from popular sites like YouTube, Google Video, etc.
    3. It supports most popular video formats without the need to encode/transcode the video

    I have looked through some of the video plugins without any success. They either only play Flash video (which means that I’ll have to transcode) or they can’t play locally uploaded videos.

    Can anyone recommend a player that will satisfy my needs?
    Thank you

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