512x288 23.975 fps peaks at above 1000kbps, did set it to 838 CBR, wtf?
Anyways in som parts the playback is jerky and eventually there's a lockup.
There was also some tearing in the lower part of the screen.

Same clip @ 640x360, same problem and it seems like the tearing appears when the amount of motion in the clip, reaches above a certain point.

Hope this will help, I have to admit that I don't really know what I'm doing when it comes to video encoding/recoding.

UPDATE: With -vo sdl there's no stuttering or tearing, but it's slooooooow