@pali and whoever is interested:

Find attached a patch (and other goodies) for kernel-power v46. The patch updates DSP bridge driver to version allowing us to use latest TI dsp codecs and those from android (for OMAP3430 of course). With using this patch(and DSP MPEG4 decoder from Omnia HD) I was able to play (not perfectly but the problem looks like gstreamer related) MPEG4 video with resolution of 1280x720. Just a POC. Lot more work in userland is needed until we got perfectly working 720p video (both play and record), but this patch seems to be enough from the kernel side.

More details in readme.txt in attached zip.

EDIT 08.05.2011: Attachment updated so no more userland libraries need to be changed.