While this quick, it is very dirty. There are basic problems like the dragging the slider competes for position with the playhead. It is mostly broken on tablets, etc.
Quick and dirty HTML5 video players are a bad idea. If you want "quick and decent" just use the native playback controls.
Absolutely. This was just meant as an example to show what is possible with the API for the SproutVideo player and not a definitive guide on how to make a fully formed player. Many things would need to be done differently for this to be a fully-formed UI that works just as well on mobile devices as desktops.