Silverlight Media Framework 2.2 is now available and includes full support for Windows Phone 7!
The open source Silverlight Media Framework (SMF) enables developers to quickly deploy a robust, scalable, customizable player for IIS Smooth Streaming delivery. The SMF builds on the core functionality of the Smooth Streaming Client and adds a large number of additional features, including an extensibility API that allows developers to create plugins for the framework. The SMF also now includes full support for Windows Phone 7 so developers can incorporate high-end video playback experiences in their Windows Phone 7 applications.
To learn more and start using SMF, visit the Codeplex site.