Just tried to compiled HEAD of

- gstreamer:
./configure LDFLAGS="-L/opt/vc/lib/" CFLAGS="-I/opt/vc/include/ -I/opt/vc/include/interface/vcos/generic/ -I/opt/vc/include/interface/vcos/pthreads/ -I/opt/vc/include/IL/ -I/opt/vc/include/interface/vmcs_host/linux/" --disable-fatal-warnings \
--disable-examples \
--disable-tests \
--disable-failing-tests \
--disable-benchmarks


- gst-plugins-base:
./configure LDFLAGS="-L/opt/vc/lib/" CFLAGS="-I/opt/vc/include/ -I/opt/vc/include/interface/vcos/generic/ -I/opt/vc/include/interface/vcos/pthreads/ -I/opt/vc/include/IL/ -I/opt/vc/include/interface/vmcs_host/linux/" --disable-fatal-warnings \
--disable-debug \
--disable-examples \
--disable-adder \
--disable-audioconvert \
--disable-audiorate \
--disable-audiotestsrc \
--disable-gio \
--disable-audioresample \
--disable-tcp \
--disable-videorate \
--disable-videoscale \
--disable-volume \
--disable-x \
--disable-xvideo \
--disable-alsa \
--disable-cdparanoia \
--disable-ivorbis \
--disable-libvisual \
--disable-ogg \
--disable-pango \
--disable-theora \
--disable-vorbis


- gst-plugins-good:
./configure LDFLAGS="-I/opt/vc/include/ -I/opt/vc/include/interface/vcos/generic/ -I/opt/vc/include/interface/vcos/pthreads/ -I/opt/vc/include/IL/ -I/opt/vc/include/interface/vmcs_host/linux/" --disable-fatal-warnings \
--disable-debug \
--disable-examples \
--disable-alpha \
--disable-apetag \
--disable-audiofx \
--disable-audioparsers \
--disable-aupars \
--disable-autodetect \
--disable-avi \
--disable-cutter \
--disable-debugutils \
--disable-deinterlace \
--disable-dtmf \
--disable-effectv \
--disable-equalizer \
--disable-flv \
--disable-flx \
--disable-goom \
--disable-goom2k1 \
--disable-icydemux \
--disable-id3demux \
--disable-imagefreeze \
--disable-interleave \
--disable-law \
--disable-level \
--disable-matroska \
--disable-monoscope \
--disable-multifile \
--disable-multipart \
--disable-replaygain \
--disable-rtp \
--disable-rtpmanager \
--disable-rtsp \
--disable-shapewipe \
--disable-smpte \
--disable-spectrum \
--disable-udp \
--disable-videobox \
--disable-videocrop \
--disable-videofilter \
--disable-videomixer \
--disable-wavenc \
--disable-wavparse \
--disable-y4m \
--disable-directsound \
--disable-waveform \
--disable-oss \
--disable-oss4 \
--disable-sunaudio \
--disable-osx_video \
--disable-osx_audio \
--disable-gst_v4l2 \
--disable-x \
--disable-xvideo \
--disable-aalib \
--disable-aalibtest \
--disable-cairo \
--disable-flac \
--disable-jack \
--disable-jpeg \
--disable-libcaca \
--disable-libdv \
--disable-libpng \
--disable-pulse \
--disable-dv1394 \
--disable-shout2 \
--disable-soup \
--disable-speex \
--disable-taglib \
--disable-vpx \
--disable-wavpack


- gst-plugins-bad:
./configure LDFLAGS="-L/opt/vc/lib/" CFLAGS="-I/opt/vc/include/ -I/opt/vc/include/interface/vcos/generic/ -I/opt/vc/include/interface/vcos/pthreads/ -I/opt/vc/include/IL/ -I/opt/vc/include/interface/vmcs_host/linux/" --disable-fatal-warnings \
--disable-debug \
--disable-examples \
--disable-accurip \
--disable-adpcmdec \
--disable-adpcmenc \
--disable-aiff \
--disable-asfmux \
--disable-audiofxbad \
--disable-audiomixer \
--disable-audiovisualizers \
--disable-autoconvert \
--disable-bayer \
--disable-camerabin2 \
--disable-cdxaparse \
--disable-coloreffects \
--disable-dataurisrc \
--disable-dccp \
--disable-debugutils \
--disable-dvbsuboverlay \
--disable-dvdspu \
--disable-faceoverlay \
--disable-festival \
--disable-fieldanalysis \
--disable-freeverb \
--disable-frei0r \
--disable-gaudieffects \
--disable-geometrictransform \
--disable-gdp \
--disable-hdvparse \
--disable-id3tag \
--disable-inter \
--disable-interlace \
--disable-ivfparse \
--disable-ivtc \
--disable-jp2kdecimator \
--disable-jpegformat \
--disable-librfb \
--disable-liveadder \
--disable-midi \
--disable-mpegdemux \
--disable-mpegtsdemux \
--disable-mpegtsmux \
--disable-mpegpsmux \
--disable-mve \
--disable-mxf \
--disable-nuvdemux \
--disable-patchdetect \
--disable-pcapparse \
--disable-pnm \
--disable-rawparse \
--disable-real \
--disable-removesilence \
--disable-sdi \
--disable-sdp \
--disable-segmentclip \
--disable-siren \
--disable-smooth \
--disable-speed \
--disable-subenc \
--disable-stereo \
--disable-tta \
--disable-videofilters \
--disable-videomeasure \
--disable-videosignal \
--disable-vmnc \
--disable-y4m \
--disable-yadif \
--disable-directsound \
--disable-wasapi \
--disable-direct3d \
--disable-directdraw \
--disable-winscreencap \
--disable-winks \
--disable-android_media \
--disable-apple_media \
--disable-bluez \
--disable-osx_video \
--disable-avc \
--disable-quicktime \
--disable-mfc \
--disable-vcd \
--disable-opensles \
--disable-uvch264 \
--disable-assrender \
--disable-voamrwbenc \
--disable-voaacenc \
--disable-apexsink \
--disable-bz2 \
--disable-chromaprint \
--disable-curl \
--disable-dash \
--disable-dc1394 \
--disable-decklink \
--disable-directfb \
--disable-wayland \
--disable-webp \
--disable-daala \
--disable-dts \
--disable-resindvd \
--disable-faac \
--disable-faad \
--disable-fbdev \
--disable-flite \
--disable-gsm \
--disable-fluidsynth \
--disable-kate \
--disable-ladspa \
--disable-lv2 \
--disable-libmms \
--disable-srtp \
--disable-linsys \
--disable-modplug \
--disable-mimic \
--disable-mpeg2enc \
--disable-mpg123 \
--disable-mplex \
--disable-musepack \
--disable-mythtv \
--disable-nas \
--disable-neon \
--disable-ofa \
--disable-openal \
--disable-opencv \
--disable-openexr \
--disable-openjpeg \
--disable-openni2 \
--disable-opus \
--disable-pvr \
--disable-rsvg \
--disable-timidity \
--disable-teletextdec \
--disable-wildmidi \
--disable-sdl \
--disable-sdltest \
--disable-smoothstreaming \
--disable-sndfile \
--disable-soundtouch \
--disable-spc \
--disable-gme \
--disable-xvid \
--disable-dvb \
--disable-wininet \
--disable-acm \
--disable-vdpau \
--disable-sbc \
--disable-schro \
--disable-zbar \
--disable-rtmp \
--disable-spandsp \
--disable-gsettings \
--disable-sndio \
--disable-hls \
--enable-eglgles \
--with-egl-window-system=rpi


- gst-omx:
./configure LDFLAGS="-L/opt/vc/lib/" CFLAGS="-I/opt/vc/include/ -I/opt/vc/include/interface/vcos/generic/ -I/opt/vc/include/interface/vcos/pthreads/ -I/opt/vc/include/IL/ -I/opt/vc/include/interface/vmcs_host/linux/" --disable-fatal-warnings \
--disable-debug \
--disable-examples \
--with-omx-target=rpi


I'm testing on most recent version of raspbian wheezy.
Pipeline: gst-launch-1.0 filesrc location=... ! qtdemux ! h264parse ! omxh264dec ! eglglessink sync=true

Test file:
Topology:
  container: Quicktime
    audio: MPEG-4 AAC
    video: H.264

Properties:
  Duration: 0:00:47.878333333
  Seekable: yes
  Tags: 
      datetime: 2013-07-23T16:54:49Z
      container format: ISO MP4/M4A
      video codec: H.264
      maximum bitrate: 25478776
      bitrate: 14125632

Testing results:

- 128MB, 1000MHz:
real	0m49.513s
user	0m6.840s
sys	0m3.900s
Visually video was laggy

- 128MB, 700MHz
real	0m50.011s
user	0m7.070s
sys	0m4.030s
A few messages like this: "gstbasesink.c(2791): gst_base_sink_is_too_late (): /GstPipeline:pipeline0/GstEglGlesSink:eglglessink0:
There may be a timestamping problem, or this computer is too slow."
Visually video was laggy