I wanted to play the video 5 times slower (mp4 video, local file), to get slowmotion effect, but it simply does not work. For values above 1.0, for example 2.0f, it works correctly, playing the video 2 times faster.
This is the code I used to play video on 20% speed:
[_player prepareToPlay];
[_player play];
[_player setCurrentPlaybackRate:0.2f];
With this code, video plays on normal rate (1.0f), ignoring my 0.2f value.
iOS 6.1.3 XCode 4.6.2
Testing on device.