The theory is that using MVC should be a perfect platform for rapid development of a social application such as you are mentioning, perhaps using LINQ to SQL to create a basic Model of Users, Profiles, Assets/Videos etc. But as it stands at Preview 2 status, you'd have to be confident of your testing to deploy a public busy site using MVC.
I've embedding Flash video controls for FLV video (I use http://www.afcomponents.com/components/flv_player_as3 control) and scrape a Playlist from a <dl> definition list of HTML elements, titles and links rendered on the page through the MVC framework, using ExtJS to iterate through these HTML elements, and passed to the Flash as an array. Though consuming an RSS feed might be better. And simply creating the Flash control using SWFObject.
The comparable javascript libraries to SWFObject to embed a Silverlight object are described in articles such as http://msdn2.microsoft.com/en-us/library/cc189089(VS.95).aspx. So I don't think it's particularly that much easier using the Media Controls. Good old inline javascript should be good enough, using these libraries.
So in some ways I see the Silverlight Media Controls aspect as a little bit of a red herring. I'd suggest it's whether you think the MVC framework can deliver the community and content side of the site, and will be easy for you to develop these forms and personalisation aspects. Then perfecting the javascript.