Major issues getting Media 7 to work

I'm desperate for help. Jacob/Aaron/OtherGuru, can I hire you for an hour? You might save my sanity.

Flickr:
1) I've got Media, media_flickr enabled & key/secret config'd, media_youtube
2) I added a Multimedia content type with a field of type Multimedia Asset that allows all media types and all URI schemes (flickr, youtube, public).
3) When I add a piece of content using a Flickr URL, e.g,. http://www.flickr.com/photos/85257998@N00/4956141659/
4) I save the content, the image appears as blank.
5) In the media content browser, it appears as its filename (4956141659), not an image, in thumbnails view.

Perhaps the new media_flickr patch will help when I get a user-friendly zipped copy. So, I moved on to youtube.

Youtube:
6) When I upload a youtube URL e.g., http://youtu.be/0oFyLLzI3pY, it displays on the full node as a link named 0oFyLLzI3pY which, when clicked, displays html code.

Config:
I'm trying to understand the numerous configuration options. For simplicity, please see the screenshots.

7) Is it correct that you don't include the Multimedia field in Administration » Configuration » Media » Media Types » Video media type settings (e.g., this would be recursive, using a media file to describe a media file)? Instead, it is the default field "File"?