It works, yes, but not very well. My Sero 7 Pro has trouble keeping the audio and video in sync when I play SD resolution video (I won't even try HD video). Let me tell you, this gives me greater appreciation for the work that Amazon put into the Kindle Fire HD.
[{[js_snippet:361:Embed%20Script%20for%20WYSIWYG]}]But this still works immensely better than it did before. Out of sync audio is better than none at all, IMO.
Troubleshooting
Firefox - If the above instructions don't work for you, there are reports that you can do a similar trick with the Firefox Android browser. I haven't tried it, but I think it's worth a shot.
Android 4.4 - If you are using an Android device which runs 4.4 KitKat, you'll need to add a couple extra steps. The instructions above won't quite work for you, so you should instead follow this set of instructions on XDA Forums.
Microsoft Silverlight - If you try to stream a video and get an error message which says something about MS Silverlight, zoom in on that message. Do you see how the next line mentions Flash? Click it.