How do I enjoy or play 720p videos on Acer Iconia Tab A501 4G?

As Christmas approaches, it appears that more folks are considering a tablet as a gift for a spouse or for their kids and I am frequently asked which tablet I would recommend. The trend appears to be pretty much determined by price, not product: If I can spend $500 or more, the intent clearly is to get an iPad 2 and if it is less than $500, the target price appears to be $200 and the question is: Kindle Fire or something else? However, if it is a non-iPad 2 device, you may want to aim a bit higher and get a more enjoyable device. Example: Acer’s Iconia 501 4G, which is the cheapest way to get the full Android experience in a tablet.