The best player with a GUI, that is.
Without a gui, mplayer destroys EVERYTHING. VideoLAN, WMP, ANYTHING AND EVERYTHING.
Why? Simple.
A. It plays everything. EVERYTHING. Right out of the box.
B. Full subtitle support built in.
C. Will play videos before they are completed. Does this VERY WELL.
D. Will play videos on systems that would never play under any other circumstances. (For example, OGMs on a 750mhz laptop with 120MB ram. No dropped frames, no lost sync at all. Media Player Classic lost sync everywhere. VideoLAN just croaked.)
E. Will play on many operating systems, windows and linux.
F. Only video player I know that will play any video type (including DVDs) in linux console without X system.
G. Not a resource hog, at all.
H. Has a GUI, but optional. Comes standard without.
I. Source fits on a floppy.
J. It encodes. Yeah, that's right. ENCODES. Probably the best way to convert one video type to another. (Unless it is AVI. Nothing beats Virtualdub when it comes to AVIs)
K. Sits in its own directory, doesn't install random DLLs and files all over the place. It doesn't need to. It has its own set of codecs which come with the system. (More of the very rare codecs can be installed from their site in a zip, which is a simple unzip operation and you can play every file in existance really.)
I think that's all