I recently gave Nero 8.3.2 a run with its all in one suite of video and audio utilities. I really liked its ability to play almost every media format that I have on my computer from dvds, .vob, .mp4, .flv, mwv, mpeg, mpg, avi, xvid. But on certain formats it is asking me for patent activation I am willing to pay for the software unless I can find another alternative. I tried VLC not really a big fan of it, I understand that is free but I feel like you get what you pay for with that software i would prefer one with a little more features and controls and I've had problems with certain movies and audio. WMP has so many limitations I do not even want to start with that. I've tried Quicktime pro and ITUNES it has its limits on the file formats. Any suggestions rather it is free or pay for software.
Media Player Classic or K-Lite- http://www.afterdawn.com/software/video_software/codecs_and_filters/k-lite_codec_pack_full.cfm