I have a couple of SD mp4 clips that play at an average of ~25 fps.
The Big Buck Bunny 720p clip plays at anywhere from 12 fps to 20fps.
I have a couple of other 720p clips that start running at ~20 fps, but
quickly slow to about 4 fps before hanging with a message that no
buffer is available.
The image quality is very good, until just before the decoding stops.
Updating U-boot.bin seems to have made a significant difference in the
clock settings. With my original version, cat /proc/cpuinfo showed,
as I recall, ~48x.x BogoMIPS. With the latest build it's 570.33
BogoMIPS. The omapfbplay performance is better, but it still gets
bogged down on the 720p samples.
Currently omapfbplay can play SD quality films (720x576 7000 kpps
MPEG2), with the neon optimized ffmpeg.
Depending on its version there are options with omapfbplay that allow
you to specify buffer list size (where decoded frames are put until
they are displayed), you may try to extend it to see if you have
better results.