Bisected down to commit aad9c2b being the culprit. Reverted that commit, rebuilt from 2d73753, and the primary problem (one frame drop every second) is gone for me. I still get an occasional dropped frame (roughly one per minute so far after watching for 10 minutes), as opposed to when it's set to software decoding and rendering, where I get none at all, even with that commit in place.
Since I have an Intel GPU and it's working without that commit, I can only guess that the logic for that condition is wrong (that is, the vendor isn't returning "Intel" on my machine, perhaps). If that code block is supposed to be executed with Intel GPUs, then something in there is not right. You guys probably know all of this already, but I'm trying to be thorough to be as helpful as I can. I'm a programmer, but I know basically nothing about CoreVideo/OpenGL/etc, so I figured I wouldn't make any assumptions.
MeesterD, and anyone else seeing this issue, if you'd like to try a build without that commit, I've uploaded it
here. It's 64-bit built against the OSX 10.6 SDK. I'm definitely curious to see if you get the same results I do.
davilla etc, if you need logs for both or either build running on my machine, just let me know.