Thanks ak, I appreciate your help!
Right now I'm actually playing 4 videos textured to 10 quads, and it can be a bit laggy at time. Beyond five videos seems to degrade more for me with the above code.
One question I have is regarding creating the Movie objects. Should these be created & local to the Threads? Do I need (/can/should I?) create separate PApplet to pass to as the first parameter to the Movie constructor? (My concern is that otherwise will the Movie read method calls in movieEvent callback would serialize if I just have all threads callback to the main applet?)