I'm currently working on a new Drupal site with a lot of media: slideshows, movies, and audio. I'm taking the opportunity to use the much-in-development Media module. Because this site needs to go up soon, I'm using the more stable 7.x-1.2. It's a much more robust way of working with rich media than anything Drupal has had previously, but there are some things that need some extra work, like display of uploaded MP3s and movie files (as opposed to embedded media from other sites).