Actually, I have direct experience with this, yesterday. Somehow I found myself in an overheated room (probably heated to 90° F (32° C)) in Beijing yesterday evening trying to catch up on some downloaded television programs. (All right, all right, it was porno.)
While the Retina MacBook usually plays 1080p H.264 MP4 videos a full frame rates without overheating, yesterday I found that the MP4s it usually handles just fine could only manage 12-15 fps, which is pretty jittery and stuttery. Windows Media files (WMVs) were complete disasters. Playing a WMV would almost instantly produce throttling and a cool-down message. This was on a desktop or tabletop — a flat surface which should ordinarily be expected to have sufficient airflow.
Normally, I use the computer in an air-conditioned office where the temperature is more like 74° F (23° C) or cooler. At a normal, comfortable temperature it's all right.
Note, though, that the Retina MacBook is not much of a multitasker when playing back video. That 1080p MP4 achieves normal frame rates provided that I'm not launching web browser windows or switching to an application.