This review based on my personal experience using the latest MX player with hw encoding enabled in Vegabean Beta6.
HD 720p play nicely
HD 1080p play nicely
compared to my experience with earlier custom ROM like honeyice, VegaICS, or Vegacream.
But, maybe it's the player, not the ROM. I don't have time to test this player againts the older ROM. What matter is the movie play nicely now.