Hi Mathew,
You still have the old WMV format along with the new richer experience format. Both of these can be used for the same event. The WMV format, while not with all the whistles and bells of the new format, can be viewed online as before. The newer high quality format has to be downloaded and viewed on a machine.
You can download the new format and then upload it to the Sharepoint server, but the user has to then download it again to watch it.
This is an area we are continually looking at for new developments, so your feedback would be great, and I can then pas it back to our developers.
Thanks
Simon