Hey, one of the developers here.
No editing: it really is that fast! The stream will start off low quality and quickly ramp up to full 1080 quality. We've also skipped out the idents which the website adds at the start of each video, which slows things down.
Pity that you almost certainly wouldn't be allowed to release the app to the store in the event of the BBC really not bothering. I won't be getting a new TV, I have no use for one any more having so many other options that provide the content I need, but good work on the app. Really does show up a huge corporation like the BBC.