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Wowza, Lighttpd and NGNIX are all good solutions - picking the best for your business depends largely on the variables specific to your content and traffic.
Wowza saves bandwidth in scale, is harder on server resources, delivers the best user experience. Wowza doesn't make much sense for people only doing short clips. The newest version is even better, definitely worth upgrading to.
The most recent versions of JW Player and Flow Player are also worth checking out, FYI.
Brad
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President at MojoHost | brad at mojohost dot com | Skype MojoHostBrad
71 industry awards for hosting and professional excellence since 1999
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