The original Video Texture Player has been around for a while as a plugin for Blender, Ashid has been developing it since mid 2006. But now, with a little attention from Ben, the player is being permanently built into the Blender game engine.
The name describes the new feature well enough, a texture which plays video. Dalai Felinto (aka dfelinto) has created a basic demonstration video of the Video Texture Player working in the BGE, playing multiple videos on a interesting animated 3D object.
You can see the video on Vimeo from this link.
Ashid also has additional information on his Blog.
There are no official builds available yet, but some will probubly start appearing soon, once the code is finalized.