I'm tried watching a few movies to test it out. It works that way like you said on consoles/blu-ray players/set top boxes but doesn't do it for the iPad!
Yep, just tested this. Tried getting as close as I could to the same second on the new iPad and the original. You'll see there really isn't an appreciable difference between the two at all.
And the movie in question is in HD and I'm on a 20mbps cable modem connection.