I'm not currently working on it, but some months ago i did a research
on some tools to integrate a player in a video repository. For me
http://videojs.com seemed a simple and working solution with mp4/h264
video, it can display native html5 <media> or flash fallback.

tricks that could help serving mp4 files:
mp4 (encoded with ffmpeg) needs to be fixed to enable pseudo streaming
(by moving metadata and offset information to the front of the file)
with a tool like:
https://github.com/danielgtaylor/qtfaststart
http://multimedia.cx/qt-faststart.c

there is also an apache module for this:
http://h264.code-shop.com/trac/wiki/Mod-H264-Streaming-Apache-Version2

i'll take a look at https://github.com/jronallo/sli_video

ciao

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raffaele