It's cool because most people are blown away at how fast and smooth it is when they first see it. A lot of the code is in C, the video decoder is in a thread (and it actually works which is impressive for me) and it's all controlled by Lua.
I hacked up in the past a temporary solution using PowerPoint running on stripped down older laptops in the foyer and outside meeting rooms in my old company which worked well but I always thought it was a bit overkill and would like to see something like R-Pi in those kind of uses. I imagine yours is a lot more powerful but still think it would be a good use.
I will definitely release the framework as LGPLed code when its good enough for public consumption. It's nothing technically very special: a C API to create graphics elements using old style OpenGL behind the scenes, a video decoder pinched from hello_videocube.c and a LuaJIT wrapper around it all with ideas from Cocos-2D. Flash will never be supported on the Pi so this is my attempt at an open alternative.
Are you using OMX libs on Pi? With hardware decoding?
http://intensecode.blogspot.in/2013/10/tutorial-vlc-with-har...