Adobe's FLV (Flash Video Format) is just superb! What I like about the format is that it has kept the "usability" factor of the end user as its corner stone. The slide bar gives the user amazing control over the streaming video. It gives the user the control to decide where in the video he has to start or end, even while the buffering is going on. Other video formats lack this capability. Often the user has to wait for the entire buffering to complete to see the clip. And the control he has on the slide bar of other streaming formats is less. Click here to read more on FLV.
PS: There is a Greasemonkey script available to download FLV files from youtube. Click here to learn more
PS: There is a Greasemonkey script available to download FLV files from youtube. Click here to learn more
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