I just had a look at the EULA out of interest and it does seem a bit scary!
My interpretation is that all it does is indemnify Telestream from being sued if you use their tools to put copyright material on the internet/an intranet:
You, at Your own expense, shall defend Telestream, and its officers, directors, employees, representatives and agents, against any action brought against such person based upon use of the Licensed Materials or based upon or related to content posted to the Internet, Your Intranet, or elsewhere using the Licensed Materials, and shall pay all settlements entered into and damages awarded against You and/or Telestream (including reasonable attorneys' fees) to the extent based on such action.
You will only be using the free player not the import/export components (that you have to buy) so there should be no worry - it looks like they've just used the same EULA agreement for the free player and the paid for components - I'm not worried myself anyway.
Also, I'm not sure why it has a Telestream EULA as it's owned by Microsoft now.