One solution is to start and pause the video to initiate caching and use mplayer to play the cached flash video instead.
mplayer /tmp/Flash*
Now it plays smooth. Fullscreen? No problem. Just toggle "F" on your keyboard!
mplayer /tmp/Flash*
sudo ln -s JAVA_PLUGIN_PATH BROWSER_PLUGIN_PATH
sudo ln -s FLASH_PLUGIN_PATH BROWSER_PLUGIN_PATH
locate libnpjp2.so
/usr/lib/jvm/java-6-sun-1.6.0.16/jre/lib/i386/libnpjp2.so
locate libflashplayer.so
/usr/lib/flashplugin-installer/libflashplayer.so
# Firefox
/usr/lib/mozilla/plugin/
# Chromium
/usr/lib/chromium/plugin/
#Google-Chrome
/opt/google/chrome/plugin/