We have just released a patch for Strobe Media Playback 1.5 and Flash Media Playback 1.5 that addresses a bug that unintentionally disabled dynamic stream switching. Dynamic stream switching is now working again and the updated Strobe Media Playback source is available on SourceForge. Flash Media Playback has also been updated with the fix, and the new version has been posted to the Adobe servers.
Thank you for your patience. If you have any questions, please feel free to email me at ckwon at adobe dot com.