So the Hangouts bit is just about triggering the problem without user intervention? If an attacker can find another way to get you to play a malicious video, there's still a hole? That's clearly more serious.
It just requires opening the video. The average user will probably open a video from an unknown sender without thinking twice because why would a video message hack their phone. I would imagine given that it controls phones it would also be possible to make a worm from this that resends the video to everyone in the contact list.
What about video in browser? It seems like video is replacing gif everywhere and those autoplay. I've seen websites that have video as backgrounds. Wouldn't stagefright handle those videos also?
It is/was an issue in Stagefright.
Details of CVE-2015-1538, CVE-2015-1539, CVE-2015-3824, CVE-2015-3826, CVE-2015-3827, CVE-2015-3828, CVE-2015-3829 probably available soon?