Just some quick note's about the silverlight streaming and the free service silverlight.live.com.
1) Silverlight media player doesn't support real streaming like media player does. Also if you can request mms:// a automatic fallback to http is done. Its more a simple download where the Silverlight have not to wait till completion.
2) The streaming from Silverlight streaming service is also a http progressive download and no streaming.
3) you can not place your timeline and start video stream from that location. Silverlight is always starting from beginning. And it's starts download ever and ever again.
4) don't put more Silverlight Media elements in your webpage (eg iframe). If a user is watching such a site (eg http://blogs.msdn.com/ptstv/) downloads of every wmv file on page are started. (except 2 connection limit).
5) the creation of silverlight streaming application with expression media is a typical wizard result. A lot of code and mostly a working result. But if you try to change minor things (eg 16:9 video format) you are lost in hell.