I don't want to fire up an old thread, but Iris was updated recently. You can play videos straight off the page, I have 3.1 flash lite installed and I'm sure it is using this. It is leaps and bounds ahead of Opera Mobile which is a memory hog! If you type in iphone.facebook.com it will take you to what is essentially the iphones facebook. It is much better than previous builds which were terrible, it is actually fast too!!! Much, MUCH faster than Opera Mobile! The text is a good size, and they fixed the problem it had when switching to landscape in previous builds! Check it out! BTW, it is VGA, and heres a link:
http://www.torchmobile.com/download/