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I have the same problem with my RedHat 7.1 system.
Xfree86 4.1.0, NVIDIA GeForce 3, SDL 1.1.7 (also tried with 1.2),
smpeg 0.4.2. Dumpmpeg 0.5 or 0.6.
I found an ungly workaround:
It seems that the SDL library detects that there is an availeable video overlay (Xvideo extension),
and tries to use it.
But afterwards, the SDL lib seems not to be able to read the contents of the overlay,
but get the black background.

Ugly workaround:
Use a stupd X server, like "fb" or "vesa", and do not load the "v4l" module.
Now that there is no Xvideo availeable, dumpmpeg does it's job.

Frank.