I'm not 100% if this is directly a pipelight issue but putting it out there should help to confirm what it is/is not.
So I have pipelight and silverlight5.0 working, if I use the silverlight 'Bubbles' test page (http://bubblemark.com/sl3/TestPage.html) I get around 49fps most of the time but if I use the 'Smooth Streaming' test page (http://www.iis.net/media/experiencesmoothstreaming) I get 12fps most of the time and that's with it starting to stream with a high bitrate and then dropping the bitrate to 350kbps with no improvement of fps.
So initially I thought fair enough I have old hardware (Core 2 E7300 + Geforce 8600GT + 4GB RAM) but it's not as I suffer with poor frame rates with local files. I am on a 20+MB adsl connection so that also shouldn't be an issue. This isn't isolated to that demo either BTSport behaves exactly the same, starts in HD, you can see that the framerate could be better but then drops after approx 10seconds to a god awful bitrate(NESmode) with no noticeable improvement in fps.
Some facts about my setup:
No UA Switch - Nothing works if I switch from default
Silverlight 5.0 instead of 5.1
CPU usage stays low even when streaming
Mozilla Firefox 27.01
Ubuntu 13.10
Latest Pipelight from PPA with old wine-compholio as new version breaks silverlight completely
This is what I get if I run silverlight streaming content
[PIPELIGHT:LIN:unknown] attached to process.
[PIPELIGHT:LIN:unknown] checking environment variable PIPELIGHT_SILVERLIGHT5_0_CONFIG.
[PIPELIGHT:LIN:unknown] searching for config file pipelight-silverlight5.0.
[PIPELIGHT:LIN:unknown] trying to load config file from '/home/fielden/.config/pipelight-silverlight5.0'.
[PIPELIGHT:LIN:unknown] sandbox not found or not installed!
[PIPELIGHT:LIN:silverlight5.0] GPU driver check - Your driver is supported, hardware acceleration enabled.
[PIPELIGHT:LIN:silverlight5.0] using wine prefix directory /home/fielden/.wine-pipelight/.
[PIPELIGHT:LIN:silverlight5.0] checking plugin installation - this might take some time.
[install-dependency] wine-silverlight5.0-installer is already installed in '/home/fielden/.wine-pipelight/'.
[install-dependency] wine-mpg2splt-installer is already installed in '/home/fielden/.wine-pipelight/'.
[install-dependency] wine-wininet-installer is already installed in '/home/fielden/.wine-pipelight/'.
wine: cannot find L"C:\\windows\\system32\\winemenubuilder.exe"
err:wineboot:ProcessRunKeys Error running cmd L"C:\\windows\\system32\\winemenubuilder.exe -a -r" (2)
[PIPELIGHT:WIN:silverlight5.0] embedded mode is on.
[PIPELIGHT:WIN:silverlight5.0] windowless mode is off.
[PIPELIGHT:WIN:silverlight5.0] linux windowless mode is off.
[PIPELIGHT:WIN:silverlight5.0] force SetWindow is off.
[PIPELIGHT:WIN:silverlight5.0] unity hacks is off.
[PIPELIGHT:WIN:silverlight5.0] window class hook is on.
[PIPELIGHT:WIN:silverlight5.0] replaced API function CreateWindowExA.
[PIPELIGHT:WIN:silverlight5.0] replaced API function CreateWindowExW.
[PIPELIGHT:WIN:silverlight5.0] replaced API function TrackPopupMenuEx.
[PIPELIGHT:WIN:silverlight5.0] replaced API function TrackPopupMenu.
fixme:advapi:RegisterTraceGuidsW (0x2b1f07, 0x34f118, {aa087e0e-0b35-4e28-8f3a-440c3f51eef1}, 1, 0x66f5f8, (null), (null), 0x34f118): stub
[PIPELIGHT:WIN:silverlight5.0] init successful!
[PIPELIGHT:LIN:silverlight5.0] using timer based event handling.
[PIPELIGHT:LIN:silverlight5.0] nppfunctions.c:436:NPP_New(): malformed argument 'PARAM' -> '(null)'
fixme:advapi:CreateProcessAsUserW 0xf0 L"C:\\Program Files\\Silverlight\\5.0.61118.0\\agcp.exe" L"agcp.exe 8 232" (nil) (nil) 1 0x00004000 (nil) (null) 0x66f098 0x66f088 - semi-stub
fixme:heap:HeapSetInformation (nil) 1 (nil) 0
fixme:file:K32GetMappedFileNameW (0xffffffff, 0x4015f4, 0x50e1f4, 520): stub
fixme:urlmon:Uri_GetPropertyBSTR (0xfa57f0)->(6 0x66deb4 4)
fixme:process:GetNumaHighestNodeNumber (0x66e950): stub
fixme:thread:SetThreadStackGuarantee (0x6code from a recent 6e940): stub
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e4e0, (nil) 0x66e4d8
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e4e0, (nil) 0x66e4d8
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e550, (nil) 0x66e548
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e4d4, (nil) 0x66e4cc
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e4d4, (nil) 0x66e4cc
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e550, (nil) 0x66e548
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e734, (nil) 0x66e72c
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e734, (nil) 0x66e72c
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e734, (nil) 0x66e72c
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e734, (nil) 0x66e72c
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e734, (nil) 0x66e72c
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e734, (nil) 0x66e72c
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e1d4, (nil) 0x66e1cc
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e1d4, (nil) 0x66e1cc
fixme:thread:GetThreadPreferredUILanguages 48, 0x66d588, (nil) 0x66d580
fixme:thread:GetThreadPreferredUILanguages 48, 0x66d588, (nil) 0x66d580
fixme:thread:GetThreadPreferredUILanguages 48, 0x66d5f8, (nil) 0x66d5f0
fixme:thread:GetThreadPreferredUILanguages 48, 0x66d56c, (nil) 0x66d564
fixme:thread:GetThreadPreferredUILanguages 48, 0x66d56c, (nil) 0x66d564
fixme:thread:GetThreadPreferredUILanguages 48, 0x66d5f8, (nil) 0x66d5f0
fixme:thread:GetThreadPreferredUILanguages 48, 0x66ec20, (nil) 0x66ec18
fixme:thread:GetThreadPreferredUILanguages 48, 0x66ec20, (nil) 0x66ec18
[PIPELIGHT:LIN:silverlight5.0] unscheduled event timer.
fixme:process:FlushProcessWriteBuffers : stub
fixme:thread:GetThreadPreferredUILanguages 48, 0x466d718, (nil) 0x466d710
fixme:thread:GetThreadPreferredUILanguages 48, 0x466d718, (nil) 0x466d710
fixme:thread:GetThreadPreferredUILanguages 48, 0x466d718, (nil) 0x466d710
[PIPELIGHT:LIN:silverlight5.0] nppfunctions.c:436:NPP_New(): malformed argument 'PARAM' -> '(null)'
fixme:urlmon:Uri_GetPropertyBSTR (0x4172af8)->(6 0x66deb4 4)
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e4e0, (nil) 0x66e4d8
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e4e0, (nil) 0x66e4d8
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e550, (nil) 0x66e548
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e4d4, (nil) 0x66e4cc
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e4d4, (nil) 0x66e4cc
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e550, (nil) 0x66e548
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e734, (nil) 0x66e72c
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e734, (nil) 0x66e72c
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e734, (nil) 0x66e72c
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e734, (nil) 0x66e72c
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e734, (nil) 0x66e72c
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e734, (nil) 0x66e72c
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e1d4, (nil) 0x66e1cc
fixme:thread:GetThreadPreferredUILanguages 48, 0x66e1d4, (nil) 0x66e1cc
fixme:thread:GetThreadPreferredUILanguages 48, 0x66d588, (nil) 0x66d580
fixme:thread:GetThreadPreferredUILanguages 48, 0x66d588, (nil) 0x66d580
fixme:thread:GetThreadPreferredUILanguages 48, 0x66d5f8, (nil) 0x66d5f0
fixme:thread:GetThreadPreferredUILanguages 48, 0x66d56c, (nil) 0x66d564
fixme:thread:GetThreadPreferredUILanguages 48, 0x66d56c, (nil) 0x66d564
fixme:thread:GetThreadPreferredUILanguages 48, 0x66d5f8, (nil) 0x66d5f0
fixme:thread:GetThreadPreferredUILanguages 48, 0x66ec20, (nil) 0x66ec18
fixme:thread:GetThreadPreferredUILanguages 48, 0x66ec20, (nil) 0x66ec18
fixme:winediag:AUDDRV_GetAudioEndpoint Winepulse is not officially supported by the wine project
fixme:winediag:AUDDRV_GetAudioEndpoint For sound related feedback and support, please visit http://ubuntuforums.org/showthread.php?t=1960599
fixme:dsound:DSOUND_WaveFormat Limiting channels to 2 due to lack of multichannel support
fixme:pulse:AudioRenderClient_GetBuffer 0x6e117e8 Not using pulse locked data: 0 8187/38400 0/38400
NOTE: child process received `Goodbye', closing down