undefined, все поправил как вы сказали.
Объект container - заменил на объект myVideo.
Но теперь окно находится не на середине (а с краю), и не подгоняется под свои пропорции.

Код AS1/AS2:
import flash.media.SoundTransform;
stage.scaleMode = StageScaleMode.NO_SCALE;
stage.align = StageAlign.TOP_LEFT;
function update(e:Event = null):void {
myVideo.scaleX = myVideo.scaleY = 1;
var scale:Number=Math.min(stage.stageWidth /myVideo.width,stage.stageHeight/myVideo.height);
myVideo.scaleX = myVideo.scaleY = scale;
myVideo.x = stage.stageWidth * 0.5 - myVideo.width * 0.5;
myVideo.y = stage.stageHeight* 0.5 - myVideo.height * 0.5;
}
var myVideo:Video = new Video();
myVideo.height = 537.6;
myVideo.width = 720.6;
addChild(myVideo);
var netConnection:NetConnection = new NetConnection();
netConnection.connect(null);
var myStream:NetStream = new NetStream(netConnection);
myStream.play("video/1.mp4");
myStream.soundTransform = new SoundTransform(0);
myStream.addEventListener(AsyncErrorEvent.ASYNC_ERROR, function (event:AsyncErrorEvent):void {});
myStream.addEventListener(NetStatusEvent.NET_STATUS, goAgain);
myVideo.attachNetStream(myStream);
function goAgain (event:NetStatusEvent): void
{
if(event.info.code == "NetStream.Play.Start")
myStream.seek(20);
if(event.info.code == "NetStream.Play.Stop")
myStream.seek(0);
}