The rule:
If any are true:
a.media.view Is Set
a.media.play Is Set
Basically means if there is ANY value in the context variables a.media.view OR a.media.play then your rule will trigger and eVar1 will be overwritten with your custom value. I don't use the media plugin, so I am not sure if those variables are populated with values on the entire HB session...
"Is Set" basically means, there is a value... not the action which initially sets a value. Processing Rules aren't that smart.. they just evaluate every request as it comes in, in isolation of one another.