My HTML5 video syntax is nearly the same as this guy:
<video height="270" width="480"
src="media/bbb.ogv"
poster="media/bbb.jpg"
durationHint="0:4:44">
</video>
On iPhone (iOS 5.0) and desktop Firefox, I can see the poster:

But on iPad (iOS 5.0.1) it does not appear. I recall that it used to work on iPads with iOS less than 5.

Try the same code using absolute instead of relative paths:
If that doesn’t work, their CDN might be blocking external referrers so try to save the files to your own local server and use absolute paths to them.
NOTE: you don’t have to use absolute paths but it definitely helps when troubleshooting.
Another solution if that fails is to use an absolute-positioned image overlay that when clicked, uses JavaScript to activate the tag below; but this is an older hack and shouldn’t be required for iOS 5+.
iOS 3 definitely has a known problem with the poster attribute on video tags:
http://videojs.com/2010/09/ipad-iphone-video-poster-fix-bonus-javascript-placement-fix/