Just irritating that the droid cant playback its own nice video reliably. More often than not it will glitch then the audio goes waaayy out of sync. FAIL
Is it saving the file to the SD card? I noticed when I played some mp3 files for the first time, it seemed like the pitch was a lot slower than normal. I swapped in an 8GB Class 4 card and the problem seemed to have subsided. The card that came with the DROID doesn't look top notch (e.g. SanDisk, Transcend, etc). Try a faster card (ie. class 4 or 6).
i've had no problems with this using either the default video player or meridian. might be an issue with your specific droid. or i just got lucky
edit: and i've recorded some pretty long videos and tested it with them, too.
I notice a lot of lag when playing back video if I have a lot of apps running. Try freeing up some memory.
still testing, but as i am testing I am reminded of how terrible the cam software is when recording in evening room lighting. A pretty well lit room, prob 200w of tungsten lighting and the droid dims the image way too dark, almost black. There is some sort of lighting threshold that when it gets to a certain level it goes opposite of what it should be. Where it should brighten the image, it darkens it.
The camera definitely wants a lot of light - it's not your friend for situations that aren't well lit. But then again, my BB cam wasn't either.
Good luck in your testing. As I said, have tons of apps installed, background processes running, etc., and haven't seen any video hitches, and would expect that you shouldn't either.