I'm trying to play back some live sessions in VLC. I usually get a gray screen though. The audio is fine. The picture is fine for a split second and then it all goes gray. The gray seems to clear up when there is movement on the screen. This leads me to think that it may be an issue with key frames. I've also tried with FFPLAY and got mostly the same results. The built in search and play player that downloads to my computer seems to play the files fine. Is there some setting in VLC that I need to change?
You might want to try unchecking the Accelerated video output, and the Use hardware YUV -> RGB conversions.
If this does not work, have you tried different operating systems?