Here are the slides from the [Media Module](http://drupal.org/project/media) [panel](http://sf2010.drupal.org/conference/sessions/media-module-multimedia-dru...). No additional cats were harmed in the creation of this pdf.
With folks using [Media Mover](http://drupal.org/project/media_mover) to transcode larger and larger video files, cron time outs have become somewhat of a problem as Drupal waits for FFmpeg to complete its processing. With Media Mover one, configurations are run from cron by default (not required, but out of the box) which means that cron runs as long as the Media Mover configuration takes. While it is possible to limit cron runs, the reality of transcoding a gigabyte file is that it takes time regardless of how much horsepower you can throw at it. Media Mover one was setup to be friendly to multi-machine systems, but the system left some things to be desired.
The S3 module for Media Mover just got updated to make the CDN integration easier. As files come through the system, files which already reside on S3 will have $file->s3_uri set which allows theming functions to display the local URI if it is present or the S3 URI if the file is already on S3. Make that $file->s3_data which is a serialized array of data from the S3 file. This allows for the generation of private urls.
With Media Mover 2 having significantly changed its architecture, the possibility to import and export data has gotten much more interesting. Because Media Mover's configurations now are mostly containers for steps which define the actual things that happen to files, it is possible to export and import both full configurations and individual steps. This is helpful for example if you are tweaking your video conversion process on your development server and then you can export the tweaked settings to your production environment. [Mark Sonnabaum](http://drupal.org/user/75278) has been leading the way getting the integration with CTools done so that there is a familiar interface for getting data in and out.