So we're this close to an alpha for the Media module (for d7). There are only a few outstanding critical alpha-blocking issues that need to be resolved. I'd hoped to have it today, but it looks like it'll probably be Monday.
Next week is the time for you to jump in if you're interested in developing for the project! It's been loads of fun, from the initial discussions and plans over a year ago with arthurf, dopry, drewish, Roger López, myself and others, to fantastic core Drupal 7 integration of stream wrappers by pwolanin and GSOC student jmstacey, to some powerhouse #d7ux magic by mverbaar and Jody Lynn, to the latest overhaul introducing Media fieldable entities (with an eye for core Drupal 8) and WYSIWYG integration by JacobSingh and dipen chaudhary, with some potential upcoming fine-tuning from jQuery guru dmitrig01.
If you're interested, join us in IRC at #drupal-media. After giving the module a spin (you'll need Drupal 7 Alpha 1, Media, Styles, and WYSIWYG + CKEditor, and optionally Media: Flickr and/or Media: YouTube), you should subscribe to the Issue queue. (You can also see recent screenshots at AaronWinborn.com.)