At all no - mediaelementjs offers excellent skinning, but it's the events and triggers that make popcornjs far more powerful. This: http://www.rebelliouspixels.com/semanticremix/ was posted on HN not that long ago and is an excellent example of the power of popcornjs.
This is the xml file used for that Donald Duck mashup. Reading through the timeline tag really made more sense to me than the actual demo (in terms of explanation).
