[jQuery] Trying Media Plugin -- Problem With IE

I am getting started with the Media Plugin. I am testing with a flash
movie. It seems to be working fine in Firefox. In IE however, it
does not play and instead shows a broken link. Here's the generated
source:
<OBJECT
    codeBase="http://fpdownload.macromedia.com/pub/shockwave/cabs/flash/
swflash.cab#version=7"
    type="application/x-oleobject"
    height="400"
    width="400"
    classid="clsid:d27cdb6e-ae6d-11cf-96b8-444553540000">
    <PARAM value="/Content/Media/test.swf" name="src" />
    <PARAM value="#ffffff" name="bgColor" />
    <PARAM value="transparent" name="wmode" />
    <PARAM value="true" name="autoplay" />
    <PARAM value="endurl=/Presentation/Activation?
token=GkMDVKkFlbFImpAvcGuwJMGxJ" name="flashvars" />
</OBJECT>
The src path is the same as in the EMBED tag that is generated in
Firefox, so I know that the file is found there. I am testing with
IE7. I have tried manually noodling with the HTML. I tried changing
the type to "application/x-shockwave-flash". I tried removing some
the PARAMs. I tried changing the src to an absolute file reference.
All to no avail. I should mention that I do get the ActiveX warning,
so I guess it is trying to play it.
What gives? Ideas?