Hello,
I see that support for vaapi is not in ffmpeg and vlc.
I took ffmpeg-0.8.5-2.fc16.src.rpm and vlc-1.1.12-1.fc16.src.rpm from rpmfusion and recompiled them on my F16 system.
I'm far from an rpmbuild expert and all conditional statements inside them, so I tried putting in spec files
- $ diff ffmpeg.spec ffmpeg.spec.orig
123,124c123
<     --disable-stripping \\\
<     --enable-vaapi
---
>     --disable-stripping

and

- $ diff vlc.spec vlc.spec.orig
324d323
<     --enable-libva            \
343c342
< ##%{!?_without_mozilla:--enable-mozilla}        \
---
> %{!?_without_mozilla:--enable-mozilla}        \
560,564c559,563
< #%{!?_without_mozilla:
< #%files -n mozilla-vlc
< #%defattr(-,root,root,-)
< #%{_libdir}/mozilla/plugins/libvlcplugin.so
< #}
---
> %{!?_without_mozilla:
> %files -n mozilla-vlc
> %defattr(-,root,root,-)
> %{_libdir}/mozilla/plugins/libvlcplugin.so
> }

(basically I didn't accomplish how to compensate a problem with firefox headers that prevented compilation, so I just disabled firefox plugins at all for my initial purpose...)

Then
yum reinstall :
sudo yum reinstall ffmpeg-0.8.5-2.fc16.x86_64.rpm ffmpeg-libs-0.8.5-2.fc16.x86_64.rpm
sudo yum reinstall vlc-core-1.1.12-1.fc16.x86_64.rpm /vlc-1.1.12-1.fc16.x86_64.rpm

It seems all is ok on my system that is an Asus laptop U36sd with intel corei7 and sandy bridge
00:02.0 VGA compatible controller [0300]: Intel Corporation 2nd Generation Core Processor Family Integrated Graphics Controller [8086:0126] (rev 09) (prog-if 00 [VGA controller])
01:00.0 VGA compatible controller [0300]: nVidia Corporation Device [10de:1050] (rev ff) (prog-if ff)

$ vainfo
libva: libva version 0.32.0
libva: va_getDriverName() returns 0
libva: Trying to open /usr/lib64/dri/i965_drv_video.so
libva: va_openDriver() returns 0
vainfo: VA API version: 0.32
vainfo: Driver version: i965 Driver 0.1
vainfo: Supported profile and entrypoints
      VAProfileMPEG2Simple            :    VAEntrypointVLD
      VAProfileMPEG2Main              :    VAEntrypointVLD
      VAProfileH264Baseline           :    VAEntrypointVLD
      VAProfileH264Baseline           :    VAEntrypointEncSlice
      VAProfileH264Main               :    VAEntrypointVLD
      VAProfileH264Main               :    VAEntrypointEncSlice
      VAProfileH264High               :    VAEntrypointVLD
      VAProfileH264High               :    VAEntrypointEncSlice
      VAProfileVC1Simple              :    VAEntrypointVLD
      VAProfileVC1Main                :    VAEntrypointVLD
      VAProfileVC1Advanced            :    VAEntrypointVLD


and playing Avengers trailer from
http://www.h264info.com/clips.html
I get good results from fluidity point of view... ot the same form cpu usage... perhaps...
$ cvlc The\ Avengers\ -\ Trailer.mp4
VLC media player 1.1.12 The Luggage (revision exported)
Blocked: call to unsetenv("DBUS_ACTIVATION_ADDRESS")
Blocked: call to unsetenv("DBUS_ACTIVATION_BUS_TYPE")
[0x252afe0] dummy interface: using the dummy interface module...
libva: libva version 0.32.0
libva: va_getDriverName() returns 0
libva: Trying to open /usr/lib64/dri/i965_drv_video.so
libva: va_openDriver() returns 0
[0x7f82a8c02e70] avcodec decoder: Using VA API version 0.32 for hardware decoding.

my cpu is Intel(R) Core(TM) i7-2620M CPU @ 2.70GHz with dual core and HT

during play
[g.cecchi@ope46 ~]$ vmstat 3
procs -----------memory---------- ---swap-- -----io---- --system-- -----cpu-----
 r  b   swpd   free   buff  cache   si   so    bi    bo   in   cs us sy id wa st
 3  0   1644 129136 102032 4069252    0    0   113    98 1215 1516 16  4 80  0  0   
 5  0   1644 135452 102036 4062712    0    0   683    27 8823 11317 34  3 63  0  0   
 1  0   1644 136080 102036 4063920    0    0   427     0 8755 11254 34  3 63  0  0   
 3  0   1644 130880 102040 4069600    0    0  1579     9 8616 11205 33  3 64  0  0   
 2  0   1640 129020 102040 4071528   11    0   608     5 8917 11533 34  3 63  0  0   
 2  0   1640 125920 102044 4074112    0    0   853    17 8622 11253 33  3 64  0  0   

top - 18:15:28 up  1:46,  7 users,  load average: 0.79, 0.40, 0.35
Tasks: 172 total,   3 running, 169 sleeping,   0 stopped,   0 zombie
Cpu0  : 78.1%us,  1.3%sy,  0.0%ni, 19.9%id,  0.0%wa,  0.7%hi,  0.0%si,  0.0%st
Cpu1  : 11.3%us,  2.3%sy,  0.0%ni, 85.7%id,  0.3%wa,  0.3%hi,  0.0%si,  0.0%st
Cpu2  : 30.0%us,  2.3%sy,  0.0%ni, 67.3%id,  0.0%wa,  0.3%hi,  0.0%si,  0.0%st
Cpu3  : 15.3%us,  3.0%sy,  0.0%ni, 81.1%id,  0.0%wa,  0.7%hi,  0.0%si,  0.0%st
Mem:   8147792k total,  7975236k used,   172556k free,   100252k buffers
Swap: 10485756k total,     2640k used, 10483116k free,  4016804k cached

  PID USER      PR  NI  VIRT  RES  SHR S %CPU %MEM    TIME+  COMMAND                                          
 9098 g.cecchi  20   0 1189m 118m  87m S 94.1  1.5   1:00.38 vlc          

Any feedback on my results and on possible default inclusion of vaapi in ffmpeg and vlc?

Thanks in advance,
Gianluca