I'm using Technology1's TCPMP latest version.
http://forum.ppcgeeks.com/showthread.php?t=59820
FLV plays OK. 3GP has smaller files though and plays great. Only FLV4 hangs from frame to frame. And there is not much quality difference between it and 3GP with the Tech1 setup.
This new WVD works perfectly with my TP/stock rom.