I'm getting the same issue on a Toshiba Chromebook 2. It also does that spinny loading thing forever if I manually select HD instead of auto. Disabling my extensions doesn't seem to do anything.
Edit: Just tried running this on the same chromebook under my Linux installation (via crouton) and the videos run fine on Firefox in that. HD is absolutely smooth with no buffering. No idea why the base Chrome OS is having so many issues with this new video player. I think it was fine just a month ago on this chromebook.
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