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A different player can be used to serve the same FLV file. And that's how you end up putting overlays and anything you fancy. That's how YouTube added their carousel view on the existing videos, without touching the videos.
So basically the difference with what was done in the days of ActiveX/Real/Quicktime videos back in early 90s is that it's now done in Flash.
Asterpix puts this in the publics hands .
Flash is a means to overlay images or videos. The key in Asterpix is it generates object tracks close to real time and sync these tracks with videos.