Wow, the last few months have been busy as heck for me. A ton of people have been asking me about this, so I figure I'll post a small update. I am almost done with an update to my XNA Video library. This next version will support streaming from the file system, along with improved performance in the runtime classes, and better resource cleanup in the content pipeline to avoid memory issues while compiling large videos.
Thanks to everyone that's checked in on it and had patience so far ... stay tuned :-)