Ok, had some time to throw a code together.
I did not use the iwakami slideshow cause I was working on my own slideshow some time before.
What you have to do to make this work:
convert your files to a html5 format(.webm, .mp4 or .ogv). If you are on a mac you can use a nice little tool called Miro Video Converter or the more advanced Handbrake
I've set the default to .mp4 videos so maybe you first try to convert your videos to mp4.
After you've done that, create a folder called "video" inside your indexhibit main folder.
Upload your converted videos into the "video" folder.
You should rename your video Titles. Please do not use whitespaces or underscores.
Then upload the slideshow with html5 video support to your indexhibit plugin folder.
Now you can choose the new exhibition format in your admin control pannel.
Upload your images:
The images must be named like the videos.
If your video is named "somecoolvideo.mp4" your image name must be "somecoolvideo.jpg"
The images should also have the same size like your videos, cause they are used to put in the video and poster size.
If a browser can not use the new html5 video tag, they will see a flash fallback version of the video using the flowplayer api.
... I think that´s all :)