Maybe sometimes. But m3u (m3u8) is not stream, it's playlist. Every item in playlist can be video/audio of any type, so player should work as WMP.
Thanks for the response georgius! I'm guessing the skipping was likely due to the break between items in the .m3u8 playlist. After checking again today, it seems this is a null question, since the source site seems to be a flash-only stream now.