Currently Multimedia team has no resources to work on TimedMediaHandler and has hands full with other projects. As of January 2018, de-facto ownership is with me (Brion) under the scope of Audiences as sort of an adjunct micro-team finishing up long-lost tech debt in that area.
More dedicated resources to maintain would be very welcome, but improvements are ongoing, and since my shift to Audiences it'll be 80% of my time to work on until the current issues with frontend and subtitles are hammered out. (Remaining 20% of my time is TechCom/general architecture work.)
Ops needs are relatively small, and have been much reduced since the unmaintained ffmpeg2theora was removed from the dependency chain.
Future potential improvements like adaptive streaming, trim/editing tools, and resolving the upload formats question may require additional resources.
Future work on pushing many/large video contributions will eventually require capacity management for file storage, bandwidth, and server capacity for transcodes, but these are relatively straightforward problems once we get to them.
Future work making uploads easier for individuals may require better admin tools for review.