Thanks goes to Guillaume Privat on Adobe Learning Center (see references below for links):

(And a shout out to Matt Chambers for providing the links :D)

1) You need to ensure you are an account administrator of have full right on the recording.

4) Save the zip file on your desktop

Example download link:
http://aquo.adobe.acrobat.com/p14313281/output/recording.zip?download=zip

Open the zip, and verify contents. It should contain .flv and xml files. mainstream.flv is to playback all and the actual audio/video content is denoted by filenames with underscores.

The alternative is offline recording, which results in a couple flat .flv’s, but in this format, once downloaded… the fun begins.

Both richflv and Moyea seem to have trouble with the Sorenson Sparks / On2 VP6 / Nellymoser / Speex codec mishmash Adobe mashed up with their flv “pods” and XML.. “keyframes” (cue points) spot the video in random intervals, and cause issues with edited output playback and seek/fast forward/rewind.

Good luck. 😉

References:
Recordings Deep Dive part 1 and 2, http://connectusers.com/tutorials/2009/08/recordings_deep_dive_part1/index.php, http://connectusers.com/tutorials/2009/09/recordings_deep_dive_part2/index.php
RichFLV, http://richapps.de/?page_id=120
Moyea FLV Editor (PRO), http://www.moyea.com/flv-converter/
Nellymoser, http://en.wikipedia.org/wiki/Nellymoser_Asao_Codec
Sorenson (Sparks), http://en.wikipedia.org/wiki/Sorenson_codec
On2 VP6, http://en.wikipedia.org/wiki/VP6
Speex, http://www.speex.org/