Flowplayer is a free GPL-licensed flash video player that you can use with WordPress, whether you use vPIP or another method of for playing back the Flash version of your videos. While playing with it today, I realized Flowplayer has a feature that lets your users embed the flash version of your video.
If you click the little icon in the bottom right of Flowplayer’s flash player, you get a list of options.
Click the Embed option and Flowplayer will provide a simple embed code to copy/paste. Cool!