Good and bad news from the backend side.
Good: enabling adaptive streaming suddenly made it work on mobile! Woo!
Bad: The player doesn't expose on-the-fly switching. I don't think Beta 3 does this, either, so I might end up editing it myself.
Ugly: the stats from tonight confirmed my fear that CPU usage scales linearly with the number of output streams - i.e., no matter how small the output is, the input it has to compress to get there is the same size.
For bunnies and those that like them. Non-bunnies will receive complimentary bunny ears.