Playback of HLS fails when one of the variant streams are down

Summary of the bug:
In cases of poorly managed HLS streams where one of the variant streams inside the m3u8 playlist are down, ffmpeg fails to play as soon as it sees a 404 error for one of the variant streams, while iOS ignores the dead stream and just plays it with the ones that work.
How to reproduce:

ffmpeg -i http://telly.powerrangermail.net/hlstest/playlist.m3u8
ffmpeg version N-53690-g2886e80 Copyright (c) 2000-2013 the FFmpeg developers
  built on May 30 2013 15:49:51 with gcc 4.7 (Ubuntu/Linaro 4.7.3-1ubuntu1)
  configuration: --prefix=/usr --enable-gpl --enable-version3 --enable-nonfree --enable-shared --enable-postproc --enable-libx264 --enable-frei0r --enable-libopencore-amrnb --enable-libopencore-amrwb --enable-libdc1394 --enable-libmp3lame --enable-libtheora --enable-libopenjpeg --enable-libvpx --enable-libgsm --enable-libschroedinger --enable-libspeex --enable-libvorbis --enable-libxvid --enable-libfaac --cpu=amdfam10 --enable-x11grab --enable-libxavs --enable-libfreetype --enable-libvo-aacenc --enable-libvo-amrwbenc --enable-libcelt --enable-openal --enable-libcdio --enable-libaacplus --enable-libmodplug --enable-libpulse --enable-openssl --enable-libv4l2 --enable-libass --enable-libbluray --enable-avresample --enable-libiec61883 --enable-libopus --enable-libcaca --enable-libfdk-aac --enable-libilbc --enable-libtwolame --enable-librtmp --enable-libsoxr --disable-stripping --enable-libaacplus --enable-opencl --enable-libflite --enable-libquvi
  libavutil      52. 34.100 / 52. 34.100
  libavcodec     55. 12.102 / 55. 12.102
  libavformat    55.  8.100 / 55.  8.100
  libavdevice    55.  2.100 / 55.  2.100
  libavfilter     3. 73.100 /  3. 73.100
  libavresample   1.  1.  0 /  1.  1.  0
  libswscale      2.  3.100 /  2.  3.100
  libswresample   0. 17.102 /  0. 17.102
  libpostproc    52.  3.100 / 52.  3.100
[http @ 0xf8d2c0] HTTP error 404 Not Found
http://telly.powerrangermail.net/hlstest/playlist.m3u8: Input/output error

Since the stream in question that I use is only available weekdays for one hour a day, the output above is with a sample I created that intentionally has the same error so you can reproduce.