Recs.
Updated
VLC is a free and open source cross-platform multimedia player and framework that plays most multimedia files as well as DVDs, Audio CDs, VCDs, and various streaming protocols.
SpecsUpdate
Pros
Pro Can play every format video available (as of 2017)
VLC uses multiple libraries, and is capable of playing every format of audio, video, and subtitle, for which a public codec is available without needing to install extra files.
VLC also plays many files that have proprietary or encumbered codecs. This includes H264 and H265 via x264/5. All mPEG support is included.
Plays most TTS files.
Supports shockwave timed image files. Eg motion comics, in SWF format.
Complete support for SVCD including menus and alternate stream sourcing.
Supports CD-G and -EG.
Support for analogue pass through display via interface, eg camera or TV via FireWire; VHS/SVHS/DVHS via DV interface.
Cons
Con Does not support HEVC on Android Plaform
It also sometimes doesn't play AVI format files.
Con Lacks libraries and advanced music player features
VLC is a media player first and foremost. There is no library management, aside from playlists, usage of tags is very limited, no rating system and VLC is best at playing a file directly from a folder as opposed to helping you manage or find good songs in your music library.
Con Low visual quality of video scalers
The biggest issue of VLC remain the quality of its video scalers (Windows enviroment). The image is softer respect to MPC-HC + madvr or plain vanilla EVR (Enhanced Video Renderer - Windows). Also, the settings are confusing and not very well organized.
Recommendations
Comments
Out of Date Pros + Cons
Con Does not search for subtitles anymore
It does not search for subs anymore. That is a very important feature and has not been working for many months now. Very bad.