"Mp4 video player" is a new feature which introduce in Ultra Flash Player 7.9. It is the best solution to play your .mp4 videos (mp4 with h.264/AAC) because it support both pc and iphone/ipad/mobile.
By default, module will use flash to play video. However, when module detect your browser doesn't support flash (e.g, iphone/ipad/mobile), module will automatic switch to html5 video tag to play your video. For example, try visit current page via iphone, you will see how it works.
Besides that, module also introduce over 28 player skins and other control options to let you configure player layout as your wish.