I'm pretty sure that this is a bug with the player or the page since the only way I can get the video to play is to completely refresh the page.
While the issue was occurring this morning, I opened a new browser session and went to the same URL and mysteriously the video started playing without a problem. I had one page loaded in IE 8 that wouldn't play at all, and the same page loaded in a different browser session (still IE 8) that had no problems.
Anyone have any other thoughts on this?