NetBSD 7 gained support for hardware acceleration on the Raspberry Pi last January, and OMXPlayer was subequently imported into Pkgsrc. This combination allows seamless video playback directly in console.
For testing this setup, I used Jun Ebihara's prebuilt NetBSD RPi image and packages.
Installing OMXPlayer using binary packages:
Playing a video after blanking the screen:
This works unsurprisingly well and the player is quite pleasant to use.
omxplayer -b captain-comic.avi