In version 3.13, it seems that the background image is randomly failing. I use this flashvar when embedding FLVs. For example, if I post a single mediaplayer, the image may show up or it may not. Refreshing the page has always fixed it. If I post several mediaplayers on a page, the image might show up in only two. I use the same PNG image in all my players and the file exists in the same directory as the logo, which ALWAYS shows up. There's never a problem when the image is in a playlist. I never encountered this problem with previous versions.

Looks like 3.12 is doing it as well, which leads me to believe it's an IE7/Flash bug, since I recently upgraded Flash and this definitely wasn't happening a week ago.