I hope the answer is not pre-transcode... but here goes.

Settings...IPad2, 8Player, MS 8Player profile
File... MKV (AVC, AC3)

Transcoding Off...
Video great
Audio - None

Transcoding On...
Video great
Audio great
But only 5 seconds of file plays before moving on to the next file (for a 5 second play)

These files have played in the past with transcoding off... Something change?