With Flash 10.1+ and the ability to use appendBytes on a NetStream, its possible to use HTTP streaming in Flash for video delivery. But it seems that the delivery method requires the segments to be stored in a single file on disk, which can only be broken into discrete segment files with an FMS or an Apache module. You can cache the individual segment files once they're created, but the documentation indicates that you still must always use an FMS / Apache module to produce those files in the first instance.
Is it possible to break the single on-disk file into multiple on-disk segments without using an FMS, Wowza product or Apache?