IBM Alphaworks has released (7/23/2004) version 1.2.2 of an MPEG-4 player and content creator development kit that works with Java 1.3.1. Reportedly, it plays MPEG4 video (samples included) just fine on a PII-300MHz machine.

http://www.alphaworks.ibm.com/tech/tk4mpeg4

Source: OS/2 Warp News and Rumors

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