Prickett, the URL for the raw MP4 video stream is http://ecn.channel9.msdn.com/o9/ch9/wp7.mp4, which I was able to see by simply mousing over the video. This is a fine use of Silverlight, offering a more advanced player for folks who have it installed while still making the raw video available to those who can't or won't use it.
Any word on how this thing will behave for people who have no contact with any version of Windows, Exchange, Zune, or pretty much any other Microsoft products? All the talk about ActiveSync, and the discussion of email back-ends that didn't mention IMAP... is this a product I'm going to be unable to use, whether I want to or not? And is there a way to say "no thanks, don't want Bing, let me select another search provider instead"? (In my day-to-day life, the only Microsoft product I have really regular exposure to is the XBox 360. Which, incidentally, is the device I watched the video on -- thanks for providing a raw MP4 file!)