Democracy TV is a pretty good video player. Not only can it play many formats, it also has RSS feed subscriptions, podcasts and it also does video blogs. It is also integrated with the video sites like YouTube etc. It also has a built in bit-torrent client. It’s underlying goal is to free up the consumption of media and also promote free creation of media. It is a project of the Participatory Culture Foundation.
Watchout! It takes quite some memory. So instead of being MPlayer fast, it’s more like Windows Media Player slow – if you get the drift.