Ok, I've tried it out. The situation is now much better, but still not exactly right. Now, when the subtitle is rendered, instead of memory usage going insanely up, the CPU usage increases to little less than what it would be without the hardware acceleration.
Since that doesn't cause the severe lag, I'd say it's better than with the previous driver version. Also, I now know exactly where the problem lies - the driver. I'll keep a look on future updates, at some point it just might start working properly.
Thanks a lot for the advice HbrShred, you're great! All in all, watching HD videos has become much more comfortable now.
[EDIT]
Works even better with last week's updates
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