You're probably just missing something basic. I just finished the 4.7 beta 1 install and have all my videos including wtv recorded TV running just fine.
Are you trying to debug this on a local host first? What file type(s) are involved? Did you test with an flv file? An flv does not require any transcoding and gets passed directly to the player. If that does not work then we can be pretty sure that it's a permissions issue. If it works, then we would focus on transcoding. Have you altered the transcoding string in any way?
