Google Drive updated with streaming video support
Beyond the streaming video, the entire app has been optimized and should be noticeably faster and smoother (at least on our Nexus 4. We're sure that the performance difference depends on your device.) The app has also added support for pinch-to-zoom on presentations, and there are the obligatory bug fixes.
If you want to grab the update, Google Drive is available for free in the Google Play Store.