VLC media player is still, IMO, the best media player out there. I have not come across anything it can't play (no need to download codecs and shit), it is open source and best of all...
it's FREE!!
EDIT - i forgot to mention it is not a resource hog and is not a bloated program.
One more feature i love about it is how it so easily handles all the subtitles for foreign movies. If you need the subtitles you just DL them (usually under 1mb) and insert them in the same folder the movie is in. VLC will "see" them and add them automatically.
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