The Media Module makes files important in Drupal. Media features:
- Fieldable "Media" Files.
- Images can have captions, Audio files can have genres, Video can have bitrate, etc built into them via the entity API
- A Kick-ass Media browser
- You can select media files from your existing library, not just upload a new one.
- Support for importing from / browsing 3rd party sites
- Flickr, Youtube, Blip, etc
- WYSIWYG Support
- Embed anything and anywhere
All of this is really exciting and fills a massive gap in Drupal that many have tried to fill. The module is still rough around the edges, but does at some level do all of these things. Wouldn't it be great to future proof Media and show off HTML 5 capabilities in Drupal 7? I think so. A great way to improve your skills for the coming web 3.0 and make Drupal's digital asset management solution amazing.
I think the actual implementation is up for grabs, but I'd like to see the ability to drag and drop files from the desktop into the media browser. I'd also like to see support for embedding all types of video and audio via the native <video and <audio tags.
N/A
2 months
Media Maintainers:
Jacob Singh (Acquia)
Aaron Wilborn (Advomatic)
N/A to GSoC

Comments
There is some rudimentary
There is some rudimentary support for HTML5 videos in place, although not cross-browser compliant (which will be difficult at best to achieve, as that requires multiple files for a single media asset). See the Styles module as well, which helps with display.
Aaron Winborn
Drupal Multimedia (my book, available now!)
AaronWinborn.com
Advomatic
this is important
I hope this makes it through... although the objectives could use some more clarity
Dev and Support: prometsource.com
Yeah, we need some more
Yeah, we need some more specification. I think it's more just me not knowing what is possible / a good idea. Please keep 'em coming.
Best,
Jacob