I read in the wiki
When media is playing, you can use the normal keys on the i/r remote to control the media playback and volume. Or press F6 or the 'media' button on the gyro remote, and then move left and right to adjust playback speed, or move up and down to skip through chapters/tracks/channels/songs depending on the type of media. With the left and right movement you have both absolute and relative. Absolute means keep the button held down while you move left and right. This is quite useful with the gyro remote. Press the left button, and if you move your hand all the way to the left you are at the beginning of your media, all the way to the right and you are at the end. Or, tap and release the button, then when you move left and right you are in relative, or jog shuttle mode. Move slowly to the right for slow motion forward, further to the right for 400x forward, back to the left to rewind, and so on.
However, click and holding the left most "media" button makes the cursor jump around and not do much. Click and release that button brings up the media control. click and hold the left mouse button moves the shuttle/jog control back and forth, click and release does the same thing.
I also can't seem to play/pause the video from the gyro mouse, seems that these are both pretty basic functions, so I'm guessing that I'm reading something wrong and all we have is a case of PEBKAC (or in this case.. PEBMAC) :-)