I've found that watching HD fansubs on a netbook works - as long as you have CoreAVC installed. Playing HD fansubs is still going to tax the CPU (etc) quite a bit though, so I can't guarantee if every HD fansub will play smoothly.
Fansubs with resolutions lower than 1280x720 should play without a hitch though, unless the fansub group used softsub karaoke or accidentally encoded it at 60fps or something.
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