Couple things:
Thats an AAC-HE file rather than AAC-LC, and your player is not fast enough to decode AAC-HE. I guess it works in the original firmware because Apple ignores the SBR bit and just plays back a low quality version of the stream.
However, we do support SBR, so while you won't be able to play it in real-time, with enough patience it should still decode. Running it through the 3.13 sim, it reports that its an ALAC file rather than AAC, so probably something is screwed up with how our code detects the codec type. I'll file a bug report for this. In the meantime, probably trying to repack the file with a tool like mp4box into a less weird mp4 stream will fix it, but you still won't be able to decode the file in real-time due to lack of CPU power.