If you are planning to use the StageVideo in Adobe AIR for an Android app you will need to take note of the following points.

• In the application xml manifest document ensure that you have the renderMode set as : <renderMode>direct</renderMode>
• In your Actionscript class set an event listener to listen for the availability of the StageVideo on the android device

stage.addEventListener(StageVideoAvailabilityEvent.STAGE_VIDEO_AVAILABILITY, availabilityChangedHandler);

• In the event handler you can instantiate an instance of the Video class as a fallback if there is no StageVideo, or go ahead and initialise the StageVideo.
• After activating the StageVideo make sure that you set the size of the StageVideo viewport (or you will hear your streamed video and not see any pictures whatsoever). 
• If you are developing with the Flex SDK you need to set the application background alpha to 0

svideo = stage.stageVideos[0];

svideo.viewPort = new Rectangle( 0, 0, 622 , 480 ) ;

For the moment I think thats the nub of it. New findings will be added. Please note that StageVideo is only supported in AIR 3+ runtime