I don't believe it gets much simpler than that.
[flashvideo file=video/video.flv /]
-and if you want to provide a preview image, it think it is like this;
[flashvideo file=video/video.flv image=path_to_image/imagename.jpg /]
I do not remember the code each time I need to put a video I have to go back and check the readme.
Use a previous post for reference until you get used to using it, or you could put the example in a text file on your pc for easy reference until you remember the format. Or you could try this:
Viper's Video Quicktags although if memory serves me, in the latest version you may have to make a css adjustment to align video to anything other than "left".