An offline video application using AIR

I just saw a video featured on this month's Edge. It talks about Flash Player's new video capabilities. However, I have a question with respect to Video and AIR.

I have been recently doing a prototype of a video application which needs to play HD videos for long durations continuously. Its a complete offline app and almost mission critical for the time its used.

The setup consists of a PC connected with 2 monitors, one of them a big 50 inch plasma configured with a resolution of 1280x720, the same size of the video. The other monitor is a normal screen with video lists and options to control the video to playback.

I am quite impressed with the way you can control native windows in AIR, even if you have multiple screen setup. The functional aspect of the application was simple to execute since it was all done using Flash, and you feel very much at home doing AIR development.

Now to the main question:
Do you think its a bit too much to play videos for really long durations in Flash? Should we stick to more traditional approach - Windows Media player / Quicktime player?

I am slightly worried about how long video can be played without application crashing out. Some of us have faced various memory issues if Flash applications run for very long durations. I know most of this is due to bad coding practices like persistent event listeners etc, but are difficult to pin down.

With my tests I have been overall satisfied by the experience, of both using the application and building it so will like to stick to AIR if anything serious hits me. I have noticed that when you are low on memory, the AIR runtime itself has problems and closing few apps fixes it.

Would love any information or issues I should be looking in particular while working with HD video and AIR, I am sure lot of you would have done something similar already!