As an example of how this might be handled, YouTube will unload the video and start loading it from the position the user clicked on the timeline.
Currently all I have is:
private function seekHandler(event:MouseEvent):void {
player.playheadTime = event.localX/playheadBar.width*player.totalTime;
}
This works perfectly if the target position is already buffered. However, if I want to seek ahead of the buffer, I would expect it to pause the video until the file has buffered to the selected point. Instead, it pauses for a moment, then acts like "nope, ain't gonna do it" and continues playing from where it was.
Note that I'm only just learning Flex/AS3, so I may well have missed something obvious ;)