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It's funny that still don't really have video wallpapers on most devices (I'm only aware of Wallpaper Engine on Windows)

Mplayer/MPV used to be able to play videos in the X root window like a wallpaper. No idea if it still works nowadays.

I had a video wallpaper on my Motorola Droid back in 2010.

and a battery life of...?

I do wonder if there have been any codec studies that measure power usage with respect to RAM