By "streamed" I meant streamed as is, not "transcoded" meaning transcoded (which is affected by the quality settings) and then streamed.
If you're truly suspect, you can disable all of the transcode engines and then try playing the file. You can also look at the status window for two things while playing the file to see if it's transcoded: a) a transcode buffer, which isn't used while just streaming, and b) at the very bottom in the status bar it'll have "Serving <filename> [<engine used for transcoding>] [container= <container>] [video= <video codec>]" or something along those lines. If an engine is listed, it's being transcoded, otherwise it's being streamed as is.
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