I tried to install RasPipC (nayr's project linked above) yesterday on a Raspberry Pi 2, but there weren't any installation instructions and it was my first time working with a nodejs project, so I'm not sure I did it right. Never could get any part of RasPipC running. Given the project says it is non functional in the github readme, I didn't waste too much time on it. An alternative, working project would be
Raspbery Pi2 Camera Monitor w/Rpisurv It uses the same video player and should perform equally well once set up.
One important and not well publicized limitation of the above projects is that you can't play video streams that are higher resolution than 1920x1080. They may try to play, but the video will be completely corrupt. It is either a limitation of the underlying video player (omxplayer) or of the raspberry pi hardware itself. I'm not sure which. Anyway you can still use sub streams as long as you know to try that.