Found Open Source Flash player using adobe osmf at
Making FLV players with osmf is easy with video tutorial by R Blank
But making a UI is difficult task for many flash newbies. I was thinking that adobe should make a basic FLV player made available, so others can start from the player.
PROFMediaPlayer user interface is not much professional looking, still a good starting point, the player provide PSD skin, that can be modified.