Michael A. Jordan‘s article titled ‘Captioning Flash video with Captionate and the captioning-supported FLVPlayback component skins‘ was published at Adobe Flash Developer Center on May 7th. (Technically it’s still May 7th in the US, but in my time zone it’s 8th).
The demo on the first page is something we should have done for Captionate long time ago, but never found the time.
"[The] tutorial teaches you how to add captions to your Flash video files using Captionate or cue points, and how to display those captions in a Flash movie using the FLVPlayback component and the FLVPlayback component skins with captioning support".
If you want to learn about Captionate, or FLV captioning, go to that article. (Note that the skins and the article is for AS2/Flash 8. Flash CS3 support in Captionate will arrive in June).