I was able to fix the DW CS4 code

All I did was add this value:

<param name="movie" value="FLVPlayer_Progressive.swf" />

to the list of <param>s in the code the DW writes on ASP pages. I
stole that line from a test HTML page I made, where I had inserted the
same movie (since DW provides two entirely different sets of code for
ASP pages vs. HTML pages).

It works for me know, in FF and in IE7.

Good luck, all.