[popcornmix]

How do those compare to high/med/low bit rate, and about what bit rate is the RPi2 good up to in 720p?

It's rather more complicated than just bitrate. We can play some 10Mbit/s HEVC which is very high for HEVC (with it's higher compression rates).
But it is possible to produce a 1Mbit/s stream we can't play.

Note, that we use GPU acceleration, so if we are dropping frames and the ARM isn't busy, it suggests the GPU is the bottleneck.
Overclocking (v3d_freq, core_freq and sdram_freq) will help the GPU.