I send the idea of Subtitles for the YouTube, on it's forum, but nobody comment that... English is a well known language, but the greatest part of the internet users don't understand english, but they will love to undestand the movies putted in english on the Web.
I think can be very easy to put Subtitles suport and a Subtitles Selection (fr, pt, es, jp,...) on the FlowPlayer. It's only text updated with ActionScript. ;-)
May the FlowPlayer be a subtitle editor too... may be... the configuration will tell this where the created/edited subtitle must be sended. I think it can be easy to... Can be? Well... I think it can be wonderful. :-)
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http://www.kaourantin.net/2007/08/what-just-happened-to-video-on-web_20.html
ttext (3gp timed text tracks) were recently added to the Flash Player. It would be awesome if FlowPlayer would support that kind of thing (with outlines).