I have upgrade my image to squeeze and compiled mplayer with optimized flags follow this guide:
http://ubuntuforums.org/showthread.php?t=101097
with this /etc/environment
CFLAGS="-O2 -march=armv7-a -mfpu=neon -mfloat-abi=softfp -ftree-vectorize -ffast-math -Os -strip"
CXXFLAGS="-O2 -march=armv7-a -mfpu=neon -mfloat-abi=softfp -ftree-vectorize -ffast-math -Os -strip"

If someone wants to the 2 debs I got from the building, you can download them here:
http://www.mediafire.com/file/gmy2o2...-0.0_armel.deb
http://www.mediafire.com/file/xzqmzj...-0.0_armel.deb

It works well for me. I had to do some hacks like not bind /tmp and a bigger image to get the building work on my easy debian.
The building process lasted for about 2 hours for this package.