Flash CS3 can be used to generate the .swf and javascript/html needed to embed an FLV file with controls in your webpage, but keep the following in mind:

Your SWF file will maintain the ratio of the FLV if you resize it on your page (this is a feature.. coughcough). This means that if your document size matched your FLV dimensions, and you have controls outside, you will end up with space above your video.

Your stage size should take in to account the size of the controls (if you are using a control skin located outside your video).

Also, it sets autoplay to true by default. I always forget to change it…