Also, note that changing Video settings reset the video, but the bc_cat driver is not reinitialized properly, thus the Texture Streaming ins disabled, so save your settings and quit than relaunch to have Streaming Acceleration again.
I've tried to check this, but I'm just always getting "ERROR: BCIOREQ_BUFFERS failed", even on first start. Would be useful to print out errno there. Anyway strace shows you aren't even trying to open /dev/bccat* files, are you detecting driver versions or something?
I'd like to do kernel update soon (waiting for 3.2.61 release) so it would be good to iron out those bccat issues.
About the general bc_cat reinit issue, the API is rather broken that it doesn't allow you to free the buffers.. bc_cat from TI wiki frees old buffers automatically when new ones are created, but the one included with main pvr driver doesn't, for whatever reason. I guess the wiki behavior should be ported to the one included with main, otherwise it's not very usable.