I have an FTP account at EMU Movies and grabbed a few of the SNES videos out of the MP4/GameEx folder. I also installed the latest beta of MaLa. I can confirm they do now work - Sort of. It plays the MP4 fine the first time through. But if you leave it on the game, and it loops through to start the video again, you get no video, but the audio keeps playing.
One other observation I have is that it takes about twice as long for the video to start up when switching games versus the AVI files. Granted we are talking like maybe 1 to 1.5 seconds for an AVI to reload when changing games versus 2 to maybe 2.5 seconds for an MP4. And I don't know if that's just because it takes a little bit longer to start decoding the MP4 versus the AVI. But patience is not a virtue I was blessed with.

Either way, now is as good of time as any to say thanks to Circo and Loadman for continuing to support this hobby.