First off, yes I have Red5 installed and have been using it for about 2 years...
But the installation and occational upgrade/maintanence can be VERY challenging.
For starters, you will need your own dedicated server or your Web host will not let you install Red5 (on a shared server).
Second, unless your Web host has some really savvy techs... they may struggle with the install. I use a great hosting company but getting Red5 correctly installed was just beyond them.
I finally put out a call for help here: http://groups.google.com/group/red5interest/topics
These guys live, breath, sleep, Red5. Eventually to fix/complete my installation of Red5, I hired one of the core developers to do it. Cost about the same as buying a license for Adobe Flash Media Server. Later I had him come in and upgrade to auto-restart if for some reason the server gets disconnected or shut down. So while the source code for Red5 is FREE!, unless you are a whizbang computer tech.... it's a gonna cost ya!
But once you are up and running it's really an amazing thing to be able to broadcast Live like that!
So before you get to far into the "recorder" project, better iron out any issues you have with getting Red5 installed.
Eye for Video www.cidigitalmedia.com
We currently are using the Red5 Recorder/Player on our websites and are experiencing issues with the video quality. The video quality is very choppy at some times 1 image/second on playback. Any suggestions would be greatly appreciated as we have spent a lot of time trying to get this to work.