Yep. In fact, FS2_Open supports playback of the original .mve format cutscene files that can be found on the disks; just plop them in the data/movies directory of your MediaVPs mod folder (or even right in the mod folder, for that matter), and you should be good to go. At some point in the near future, support for playing back Theora-encoded video files will also be added; presumably, at that point in time, someone will re-encode the cutscenes in that format and make them available for download.
(As a side note, the engine also presently supports the standard .avi format, but said support will be replaced shortly with the aforementioned Theora codec.)