It turns out that in iOS 5, the position of the controls in the designer (both Storyboard and XIB) is important. The slider was positioned above the image (in the left-hand side list of controls). Once I moved it below, it rendered properly in iOS 5. However, iOS 7 doesn't seem to mind the position either way.
Obviously in the pause and then play scenario, the image's order was changing due to being removed and then added again to the view.