AERO is most likely stalling the EVR presenter Present() call as long as it finds a correct v-sync to match the both display devices. This is one reason why display devices should always share a common refresh rate (or whole number multiplier like 50 Hz and 100 Hz would have).
Having two display devices connected with separate refresh rates (which both are even non-mathing to the played content) isn't nothing more than a doomed atempt when it comes to media playback.
It's occured to me that having the same refresh rate on both displays is going to be quite hard in the UK, as LCD monitors all work at 60hz (except ones that do 120hz as well), which is fine when playing 60hz material in MP on a Secondary TV, but not when playing Freeview or other 50hz material or 24hz material.
I know it's not MP's fault that LCD monitors are stuck at 60hz, but it does seem that unless changes are made to AERO/EVR there's always going to be issues running MP on a dual-screen PC. I guess the only solution at the moment might be to use a TV LCD that supports all three refresh rates for both displays, although I'm not sure the quality of TV LCDs really suits their use as proper PC monitors.
Maybe one day we'll see LCD monitors that support several refresh rates and not just 60hz and 120hz.