Hmm. OK. Figured it out a half-hour after I was stumped.
There is apparently now an MPMoviePlayerViewController that handles all that. Here's my new updated code:
MPMoviePlayerViewController *moviePlayerView = [[[MPMoviePlayerViewController alloc] initWithContentURL:videoURL] autorelease];
[self presentMoviePlayerViewControllerAnimated:moviePlayerView];
This will allow it to respond to rotation events, etc. Nice!
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