It is the latest version of vshare, yes.

However, vshare uses version 3.8 of the JW Flv Player. The latest version of that player is 3.11. You can download the latest version from here:

http://www.jeroenwijering.com/?item=JW_FLV_Player

Just overwrite the files to your "player" folder. Then rename swfplayer.swf to be player.swf, and all will be good. You'll have the newer version that you want, and your watermark will be at the top, where you want it.

As always, make a back up before overwriting any files, just in case there is an unexpected hickup, but this is really a straight-forward upload.