Video Elements has been a hit for well over 2 years now on Press75. Featuring a slick gallery-style layout, a unique featured content carousel, and “Instant View” for videos… the Video Elements theme is perfect for any video-centric site. Of course, just like any of my other video WordPress themes, you can use ANY embeddable video format with the Video Elements theme. You can even use self hosted videos if you like (e.g. Flash, QuickTime). Also, the Press75 Simple Video Embedder plugin (included) makes it really easy to add and publish videos of any kind.
Video Elements demo: http://www.press75.com/themes/video-elements/