"Some features are more populist than others, like the ability to open videos embedded in online video sites – such as YouTube – directly in VLC. All files played are automatically added to your Playlist, which makes it easy to select them and save them locally in any format – there's no need to save as FLV then transcode. The Media Library also searches video aggregation sites like Shoutcast, listing available free streams for your viewing pleasure.
There are some features that are still missing, though. There's DVD playback but no support for Blu-ray discs (although VLC can handle playback of high definition video formats). There are features lacking in the OS X version that appear in the Windows and Linux versions. Most notable is the lack of support for custom skins. Still – VLC remains the best free media player on any platform."