I really, really want to see this in as well.  I just haven't had the time yet to get this done.  Here's what I think still needs to be done:

1. Change the line above to look for "rtmp" at the beginning
2. Add a unit test for this function
3. Retest a number of streams, both with and without the "timeupdate" change above to see if it's really needed

The third item could also potentially be done after pulling a new SWF from video-js-swf, since Tom J's NetStream changes aren't in videojs yet.  

I know I won't get to any of this during the week, but I'm hopeful for the weekend again...