The only way to play MPEG2 is to use TCPMP with ffmpeg.plugin.0.72RC1.zip
You can find it here...
TCPMP
It works..:). But still can't do the job. It's really slow... :(
The 2700G chipset claims to support the Hardware Acceleration of Mpeg2 decoding algorithms but developers seems not to be interested in...

The fact is that Mpeg2 Encoding needs to have a higher bitrate than other codecs
like mpeg4 or H.264, so it would be a waste of space and cpu power to view a mpeg2 encoded movie on a PocketPC.