The smart embed allows you to simply embed your Media on your own sites. You can set a couple options and the embed will then embed the Media onto your pages.
The above would embed a Media Manager video with a width of 640px and a height of 360px. We also tell it which Media Manager Template to use. You are also required to pass your accounts shortname and finally we need to pass the Video ID.
Because your account can have multiple templates and your videos could be published to many different ones. Then its a good idea to set what template you wish to use as the view for your embed. You don't have to pass a template as it will automatically use a default template (most likely embed template).