I only see a blank rectangle and no video!

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This issue has been fixed in version 0.1-2 and does not longer require a manual workaround if you are using a current version. Please note that the config path has changed to /usr/share/pipelight/configs/pipelight-silverlight5.1 is you want to try this nevertheless.
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This problem is most probably caused by the fact that you are not using the correct user agent switcher or haven't selected an identity that works with the streaming website. Some user agent switchers do not change your identity everywhere and the site is still able to detect that you are using Linux. Please try to use the ones listed in: https://answers.launchpad.net/pipelight/+faq/2351 .

If this does not solve your problem, execute:

cp /usr/share/pipelight/pipelight ~/.config/pipelight

and open ~/.config/pipelight in your favorite editor. Now change the variable "embed" to false by altering the according line to

embed = false

This will show the Silverlight application in a separate window. Some desktop environments seem to have problems when the Silverlight application is embedded. If this solves your problem, please open a bug report where you tell us what desktop environment you are using. We currently suspect KDE to cause this problem.