It turns out that Yahoo Media Player is not abandoned project after all. Last week it was announced that beta version is available for testing at mediaplayer.yahoo.com/beta. Here is a note from developers:
We’ve added some new stuff like video support. The player can now play YouTube videos and movie trailers – just add a YouTube link or Yahoo! Movie page link to your page. And, at long last, we’ve added a seek slider to control the position of the audio or video! That bug where songs were stopping instead of pausing when clicking pause has been fixed, as well as a bunch of other small bug fixes.
This announcement was posted in Yahoo! discussion group at tech.groups.yahoo.com/group/yhoomediaplayer/. Feel free to post examples of how you are using the player on your site to this group.