Here are the logs for 1.1.12 and 2.0.4. I had to stop playback after 30 seconds to get a complete log from start to finish for 2.0.4.
VLC 1.1.12
TIMER module_need() : 0.717 ms - Total 0.717 ms / 1 intvls (Avg 0.717 ms)
looking for stream_filter module: 1 candidate
main debug: using stream_filter module "stream_filter_record"
main debug: TIMER module_need() : 0.640 ms - Total 0.640 ms / 1 intvls (Avg 0.640 ms)
main debug: creating demux: access='http' demux='' path='
www.youtube.com/watch?v=2aCOyOvOw5c&fmt=18'
main debug: looking for demux module: 52 candidates
avcodec debug: couldn't guess format
lua debug: Trying Lua scripts in /Users/Mic/Library/Application Support/org.videolan.vlc/lua/playlist
lua debug: Trying Lua scripts in /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/anevia_streams.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/anevia_xml.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/appletrailers.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/bbc_co_uk.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/break.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/canalplus.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/cue.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/dailymotion.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/france2.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/googlevideo.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/jamendo.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/joox.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/katsomo.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/koreus.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/lelombrik.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/megavideo.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/metacafe.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/metachannels.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/mpora.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/pinkbike.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/rockbox_fm_presets.luac
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/youtube.lua
lua debug: Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/playlist/youtube.lua's probe() function was successful
main debug: using demux module "lua"
main debug: TIMER module_need() : 238.226 ms - Total 238.226 ms / 1 intvls (Avg 238.226 ms)
main debug: looking for meta reader module: 2 candidates
lua debug: Trying Lua scripts in /Users/Mic/Library/Application Support/org.videolan.vlc/lua/meta/reader
lua debug: Trying Lua scripts in /Applications/Video/VLC.app/Contents/MacOS/share/lua/meta/reader
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/meta/reader/filename.luac
lua debug: Trying Lua scripts in /Applications/Video/VLC.app/Contents/MacOS/share/share/lua/meta/reader
main debug: no meta reader module matching "any" could be loaded
main debug: TIMER module_need() : 3.652 ms - Total 3.652 ms / 1 intvls (Avg 3.652 ms)
main debug: `
http://www.youtube.com/watch?v=2aCOyOvOw5c&fmt=18' successfully opened
lua debug: Path:
http://o-o---preferred---sn-nx5cvox-hpa ... 9066059BEC
lua debug: Name: Riding the Booster with enhanced sound
lua debug: Artist: interbartolo
lua debug: Description: From the upcoming Special Edition Ascent: Commemorating Space Shuttle DVD/BluRay by NASA/Glenn a movie from the point of view of the Solid Rocket Booster wit...
lua debug: ArtURL:
http://i3.ytimg.com/vi/2aCOyOvOw5c/mqdefault.jpg
main: stopping playback
main debug: deleting item `watch?v=2aCOyOvOw5c&fmt=18'
main debug: no fetch required for (null) (art currently
http://i3.ytimg.com/vi/2aCOyOvOw5c/mqdefault.jpg)
main debug: incoming request - stopping current input
main debug: waitpipe: object killed
main debug: dying input
main debug: dying input
main debug: control type=0
main debug: control: stopping input
main debug: dying input
main debug: removing module "lua"
main debug: removing module "stream_filter_record"
main debug: removing module "access_http"
main debug: dead input
main debug: thread ended
main debug: processing request item Riding the Booster with enhanced sound node Scaletta skip 0
main debug: rebuilding array of current - root Scaletta
main debug: rebuild done - 1 items, index 0
main debug: starting new item
main debug: creating new input thread
main debug: Creating an input for 'Riding the Booster with enhanced sound'
main debug: thread (input) created at priority 22 (../../src/input/input.c:220)
main debug: thread started
main debug: using timeshift granularity of 50 MiB
main debug: using timeshift path '/tmp'
main debug: `
http://o-o---preferred---sn-nx5cvox-hpa ... 9066059BEC' gives access `http' demux `' path `o-o---preferred---sn-nx5cvox-hpas---v13---lscache6.c.youtube.com/videoplayback?upn=SpENgkTQu24&sparams=cp%2Cid%2Cip%2Cipbits%2Citag%2Cratebypass%2Csource%2Cupn%2Cexpire&fexp=927105%2C905701%2C904824%2C916806%2C900222%2C902547%2C922401%2C920704%2C912806%2C927201%2C925003%2C913546%2C913556%2C916805%2C920201%2C900816%2C911112%2C901451&key=yt1&expire=1351224346&itag=18&ipbits=8&sver=3&ratebypass=yes&mt=1351198871&ip=95.238.160.126&mv=m&source=youtube&ms=au&cp=U0hURlJNUl9JUENONF9KR1ZEOmszcjUyR1hJQjE0&id=d9a08ec8ebcec397&signature=90B4ACEA8177BB9E89C9FF520785D08DC4B3AC60.6EA60952D49512CF6C980013C2D8989066059BEC'
main debug: creating demux: access='http' demux='' path='o-o---preferred---sn-nx5cvox-hpas---v13---lscache6.c.youtube.com/videoplayback?upn=SpENgkTQu24&sparams=cp%2Cid%2Cip%2Cipbits%2Citag%2Cratebypass%2Csource%2Cupn%2Cexpire&fexp=927105%2C905701%2C904824%2C916806%2C900222%2C902547%2C922401%2C920704%2C912806%2C927201%2C925003%2C913546%2C913556%2C916805%2C920201%2C900816%2C911112%2C901451&key=yt1&expire=1351224346&itag=18&ipbits=8&sver=3&ratebypass=yes&mt=1351198871&ip=95.238.160.126&mv=m&source=youtube&ms=au&cp=U0hURlJNUl9JUENONF9KR1ZEOmszcjUyR1hJQjE0&id=d9a08ec8ebcec397&signature=90B4ACEA8177BB9E89C9FF520785D08DC4B3AC60.6EA60952D49512CF6C980013C2D8989066059BEC'
main debug: looking for access_demux module: 0 candidates
main debug: no access_demux module matched "http"
main debug: TIMER module_need() : 0.628 ms - Total 0.628 ms / 1 intvls (Avg 0.628 ms)
main debug: creating access 'http' path='o-o---preferred---sn-nx5cvox-hpas---v13---lscache6.c.youtube.com/videoplayback?upn=SpENgkTQu24&sparams=cp%2Cid%2Cip%2Cipbits%2Citag%2Cratebypass%2Csource%2Cupn%2Cexpire&fexp=927105%2C905701%2C904824%2C916806%2C900222%2C902547%2C922401%2C920704%2C912806%2C927201%2C925003%2C913546%2C913556%2C916805%2C920201%2C900816%2C911112%2C901451&key=yt1&expire=1351224346&itag=18&ipbits=8&sver=3&ratebypass=yes&mt=1351198871&ip=95.238.160.126&mv=m&source=youtube&ms=au&cp=U0hURlJNUl9JUENONF9KR1ZEOmszcjUyR1hJQjE0&id=d9a08ec8ebcec397&signature=90B4ACEA8177BB9E89C9FF520785D08DC4B3AC60.6EA60952D49512CF6C980013C2D8989066059BEC'
main debug: looking for access module: 2 candidates
access_http debug: http: server='o-o---preferred---sn-nx5cvox-hpas---v13---lscache6.c.youtube.com' port=80 file='/videoplayback?upn=SpENgkTQu24&sparams=cp%2Cid%2Cip%2Cipbits%2Citag%2Cratebypass%2Csource%2Cupn%2Cexpire&fexp=927105%2C905701%2C904824%2C916806%2C900222%2C902547%2C922401%2C920704%2C912806%2C927201%2C925003%2C913546%2C913556%2C916805%2C920201%2C900816%2C911112%2C901451&key=yt1&expire=1351224346&itag=18&ipbits=8&sver=3&ratebypass=yes&mt=1351198871&ip=95.238.160.126&mv=m&source=youtube&ms=au&cp=U0hURlJNUl9JUENONF9KR1ZEOmszcjUyR1hJQjE0&id=d9a08ec8ebcec397&signature=90B4ACEA8177BB9E89C9FF520785D08DC4B3AC60.6EA60952D49512CF6C980013C2D8989066059BEC'
main debug: net: connecting to o-o---preferred---sn-nx5cvox-hpas---v13---lscache6.c.youtube.com port 80
macosx debug: input has stopped, refreshing interface
main debug: TIMER input launching for 'watch?v=2aCOyOvOw5c&fmt=18' : 921.278 ms - Total 921.278 ms / 1 intvls (Avg 921.278 ms)
macosx debug: input has changed, refreshing interface
main debug: connection succeeded (socket = 8)
access_http debug: protocol 'HTTP' answer code 206
access_http debug: Content-Type: video/mp4
access_http debug: stream size=25839735,pos=0,remaining=25839735
access_http debug: this frame size=25839735
access_http debug: Connection: close
access_http debug: Server: gvs 1.0
main debug: using access module "access_http"
main debug: TIMER module_need() : 279.410 ms - Total 279.410 ms / 1 intvls (Avg 279.410 ms)
main debug: Using AStream*Stream
main debug: pre buffering
main debug: received first data after 0 ms
main debug: pre-buffering done 1024 bytes in 0s - 4081 KiB/s
main debug: looking for stream_filter module: 5 candidates
main debug: no stream_filter module matching "any" could be loaded
main debug: TIMER module_need() : 1.043 ms - Total 1.043 ms / 1 intvls (Avg 1.043 ms)
main debug: looking for stream_filter module: 1 candidate
main debug: using stream_filter module "stream_filter_record"
main debug: TIMER module_need() : 0.484 ms - Total 0.484 ms / 1 intvls (Avg 0.484 ms)
main debug: creating demux: access='http' demux='' path='o-o---preferred---sn-nx5cvox-hpas---v13---lscache6.c.youtube.com/videoplayback?upn=SpENgkTQu24&sparams=cp%2Cid%2Cip%2Cipbits%2Citag%2Cratebypass%2Csource%2Cupn%2Cexpire&fexp=927105%2C905701%2C904824%2C916806%2C900222%2C902547%2C922401%2C920704%2C912806%2C927201%2C925003%2C913546%2C913556%2C916805%2C920201%2C900816%2C911112%2C901451&key=yt1&expire=1351224346&itag=18&ipbits=8&sver=3&ratebypass=yes&mt=1351198871&ip=95.238.160.126&mv=m&source=youtube&ms=au&cp=U0hURlJNUl9JUENONF9KR1ZEOmszcjUyR1hJQjE0&id=d9a08ec8ebcec397&signature=90B4ACEA8177BB9E89C9FF520785D08DC4B3AC60.6EA60952D49512CF6C980013C2D8989066059BEC'
main debug: looking for demux module: 52 candidates
mp4 warning: MP4 plugin discarded (not fastseekable)
avcodec debug: detected format: mov,mp4,m4a,3gp,3g2,mj2
main debug: selecting program id=0
avcodec debug: adding es: video codec = h264
avcodec debug: adding es: audio codec = mp4a
avcodec debug: AVFormat supported stream
avcodec debug: - format = mov,mp4,m4a,3gp,3g2,mj2 (QuickTime/MPEG-4/Motion JPEG 2000 format)
avcodec debug: - start time = 0
avcodec debug: - duration = 511594417
main debug: using demux module "avcodec"
main debug: TIMER module_need() : 1093.545 ms - Total 1093.545 ms / 1 intvls (Avg 1093.545 ms)
main debug: looking for decoder module: 33 candidates
avcodec debug: libavcodec initialized (interface 0x350500)
avcodec debug: trying to use direct rendering
avcodec debug: ffmpeg codec (H264 - MPEG-4 AVC (part 10)) started
main debug: using decoder module "avcodec"
main debug: TIMER module_need() : 58.812 ms - Total 58.812 ms / 1 intvls (Avg 58.812 ms)
main debug: thread started
main debug: thread (decoder) created at priority 0 (../../src/input/decoder.c:301)
main debug: looking for decoder module: 33 candidates
main debug: using decoder module "faad"
main debug: TIMER module_need() : 1.662 ms - Total 1.662 ms / 1 intvls (Avg 1.662 ms)
main debug: thread started
main debug: thread (decoder) created at priority 22 (../../src/input/decoder.c:301)
main debug: looking for meta reader module: 2 candidates
lua debug: Trying Lua scripts in /Users/Mic/Library/Application Support/org.videolan.vlc/lua/meta/reader
lua debug: Trying Lua scripts in /Applications/Video/VLC.app/Contents/MacOS/share/lua/meta/reader
lua debug: Trying Lua playlist script /Applications/Video/VLC.app/Contents/MacOS/share/lua/meta/reader/filename.luac
lua debug: Trying Lua scripts in /Applications/Video/VLC.app/Contents/MacOS/share/share/lua/meta/reader
main debug: no meta reader module matching "any" could be loaded
main debug: TIMER module_need() : 3.589 ms - Total 3.589 ms / 1 intvls (Avg 3.589 ms)
main debug: `
http://o-o---preferred---sn-nx5cvox-hpa ... 9066059BEC' successfully opened
main debug: Buffering 0%
main debug: no usable vout present, spawning one
main debug: looking for text renderer module: 3 candidates
main debug: using text renderer module "quartztext"
main debug: TIMER module_need() : 2.915 ms - Total 2.915 ms / 1 intvls (Avg 2.915 ms)
main debug: looking for video filter2 module: 13 candidates
swscale debug: 32x32 chroma: YUVA -> 16x16 chroma: YUVA with scaling using Bicubic (good quality)
main debug: using video filter2 module "swscale"
main debug: TIMER module_need() : 9.153 ms - Total 9.153 ms / 1 intvls (Avg 9.153 ms)
main debug: looking for video filter2 module: 13 candidates
yuvp debug: YUVP to YUVA converter
main debug: Buffering 3%
main debug: Buffering 6%
main debug: Buffering 10%
main debug: Buffering 13%
main debug: Buffering 17%
main debug: Buffering 20%
main debug: Buffering 24%
main debug: Buffering 27%
main debug: Buffering 31%
main debug: Buffering 34%
main debug: Buffering 38%
faad warning: decoded zero sample
main debug: Buffering 41%
main debug: Buffering 45%
main debug: Buffering 48%
main debug: Buffering 52%
main debug: Buffering 55%
main debug: Buffering 59%
main debug: Buffering 62%
main debug: Buffering 66%
main debug: Buffering 69%
main debug: Buffering 72%
main debug: Buffering 76%
main debug: Buffering 79%
main debug: Buffering 83%
main debug: Buffering 86%
main debug: Buffering 90%
main debug: Buffering 93%
main debug: Buffering 97%
main debug: Stream buffering done (1209 ms in 28 ms)
main debug: using video filter2 module "yuvp"
main debug: TIMER module_need() : 14.573 ms - Total 14.573 ms / 1 intvls (Avg 14.573 ms)
main debug: window size: 640x360
main debug: Deinterlacing available
main debug: deinterlace 0, mode blend, is_needed 0
main debug: looking for video output module: 2 candidates
main debug: looking for opengl provider module: 2 candidates
macosx debug: display is Quartz Extreme accelerated
main debug: using opengl provider module "macosx"
main debug: TIMER module_need() : 225.588 ms - Total 225.588 ms / 1 intvls (Avg 225.588 ms)
main debug: using video output module "opengl"
main debug: TIMER module_need() : 228.196 ms - Total 228.196 ms / 1 intvls (Avg 228.196 ms)
main debug: got 1 direct buffer(s)
main debug: pic render sz 640x360, of (0,0), vsz 640x360, 4cc I420, sar 1:1, msk r0x0 g0x0 b0x0
main debug: pic in sz 640x360, of (0,0), vsz 640x360, 4cc I420, sar 1:1, msk r0x0 g0x0 b0x0
main debug: pic out sz 640x360, of (0,0), vsz 640x360, 4cc YUY2, sar 1:1, msk r0x0 g0x0 b0x0
main debug: looking for video filter2 module: 13 candidates
main debug: using video filter2 module "i420_yuy2_altivec"
main debug: TIMER module_need() : 0.726 ms - Total 0.726 ms / 1 intvls (Avg 0.726 ms)
main debug: indirect render, mapping render pictures 0-24 to system pictures 1-25
avcodec debug: using direct rendering
main debug: End of video preroll
main debug: Received first picture
main debug: creating aout
main debug: looking for audio output module: 2 candidates
main debug: VLC is looking for: 'f32b' 44100 Hz Stereo frame=1 samples/8 bytes
main debug: Post-processing available
main warning: vlc_object_find_name(postproc) is not safe!
auhal debug: found 1 audio device(s)
main debug: looking for video blending module: 1 candidate
auhal debug: DevID: 258 DevName: Audio incorporato
blend debug: chroma: YUVA -> YUY2
auhal debug: found 1 stream formats
main debug: using video blending module "blend"
auhal debug: supported format: [44100][lpcm][30][4][1][4][2][16]
main debug: TIMER module_need() : 1108.711 ms - Total 1108.711 ms / 1 intvls (Avg 1108.711 ms)
auhal debug: audio device does not support digital output
main debug: skipped big render time 1143448 > 200010
auhal debug: current format is: [44100][lpcm][43][4][1][4][2][32]
auhal debug: layout of AUHAL has 2 channels
auhal debug: selected 2 physical channels for device output
auhal debug: VLC will output: Stereo
auhal debug: we set the AU format: [44100][lpcm][11][8][1][8][2][32]
auhal debug: the actual set AU format is [44100][lpcm][11][8][1][8][2][32]
auhal debug: analog output successfully opened
main debug: using audio output module "auhal"
main debug: TIMER module_need() : 1891.661 ms - Total 1891.661 ms / 1 intvls (Avg 1891.661 ms)
main debug: output 'f32b' 44100 Hz Stereo frame=1 samples/8 bytes
main debug: mixer 'f32b' 44100 Hz Stereo frame=1 samples/8 bytes
main debug: no need for any filter
main debug: looking for audio mixer module: 3 candidates
main debug: using audio mixer module "float32_mixer"
main debug: TIMER module_need() : 2.061 ms - Total 2.061 ms / 1 intvls (Avg 2.061 ms)
main debug: input 'f32b' 44100 Hz Stereo frame=1 samples/8 bytes
main debug: looking for audio filter module: 1 candidate
scaletempo debug: format: 44100 rate, 2 nch, 4 bps, fl32
scaletempo debug: params: 30 stride, 0.200 overlap, 14 search
scaletempo debug: 1.000 scale, 1323.000 stride_in, 1323 stride_out, 1059 standing, 264 overlap, 617 search, 2204 queue, fl32 mode
main debug: using audio filter module "scaletempo"
main debug: TIMER module_need() : 2.398 ms - Total 2.398 ms / 1 intvls (Avg 2.398 ms)
main debug: filter(s) 'f32b'->'f32b' 48510 Hz->44100 Hz Stereo->Stereo
main debug: looking for audio filter module: 13 candidates
main debug: using audio filter module "ugly_resampler"
main debug: TIMER module_need() : 11.818 ms - Total 11.818 ms / 1 intvls (Avg 11.818 ms)
main debug: found a filter for the whole conversion
main debug: End of audio preroll
main debug: Decoder buffering done in 2179 ms
main warning: PTS is out of range (-19112), dropping buffer
main debug: incoming request - stopping current input
main debug: waitpipe: object killed
main debug: dying input
main debug: control type=0
main debug: control: stopping input
macosx debug: input has stopped, refreshing interface
main debug: dying input
macosx debug: input has changed, refreshing interface
avcodec debug: ffmpeg codec (H264 - MPEG-4 AVC (part 10)) stopped
macosx debug: input has stopped, refreshing interface
main debug: removing module "avcodec"
main debug: killing decoder fourcc `h264', 8 PES in FIFO
main debug: [0] 4 0
main debug: [1] 4 0
main debug: [2] 4 0
main debug: [3] 4 0
main debug: [4] 4 0
main debug: [5] 4 0
main debug: [6] 4 0
main debug: [7] 4 0
main debug: [8] 4 0
main debug: [9] 4 0
main debug: [10] 4 0
main debug: [11] 4 0
main debug: [12] 4 0
main debug: [13] 4 0
main debug: [14] 4 0
main debug: [15] 2 0
main debug: [16] 4 0
main debug: [17] 4 0
main debug: [18] 4 0
main debug: [19] 4 0
main debug: [20] 4 0
main debug: [21] 4 0
main debug: [22] 4 0
main debug: [23] 4 0
main debug: [24] 4 0
main debug: saving a free vout
main debug: removing module "faad"
main debug: killing decoder fourcc `mp4a', 0 PES in FIFO
main debug: removing module "scaletempo"
main debug: removing module "ugly_resampler"
main debug: removing module "auhal"
main debug: removing module "float32_mixer"
main debug: releasing aout
main debug: removing module "avcodec"
main debug: removing module "stream_filter_record"
main debug: removing module "access_http"
main debug: Program doesn't contain anymore ES
main debug: thread ended
main debug: dead input
main debug: destroying useless vout
main debug: removing module "i420_yuy2_altivec"
main debug: removing module "macosx"
main debug: removing module "opengl"