Thanks for reading and for the kind words!
Re: Blurry canvases: You are spotting the classic HTML5 Canvas high-DPI issue. It happens because the canvas backing store pixels don't map 1:1 to CSS pixels on high-density displays (like Retina screens). I likely need to scale the canvas drawing context by window.devicePixelRatio to fix that sharpness. Good catch. EDIT: Made the change.
Re: Performance: That is an interesting thought. Since the calculation only triggers when you visit (or resize) the video player, there is definitely a CPU spike. My guess is they chose this approach to have a "plug and play" rendering logic that adapts perfectly to the client's specific device width and pixel density, rather than generating thousands of static image variations on the server.
Re: Gangnam Style: Ah, Google+! That explains why I couldn't find the original source. Thanks for the correction. EDIT: Added the correction.