Update - After trying out pretty much every codec known to man, I was able to get an mp4 file loading and playing properly by using the VLC converter and the following options:
- Profile - Video for MPEG4 1080p TV / Device
- Video Codec - MPEG-4
- Audio Codec - MP3
I was not able to get any other format working. The weird part is that the H264 video codec did not work even though the importer in the content pipeline in called the H264Importer.