Ranked in these QuestionsQuestion Ranking
Pro Supports H.265, and has for over 2 years
VLC only recently improved their support for H.265 in Feb 2015, before that it didn't work as well as MPC-HC's.
Pro Supports frame stepping with Ctrl+Left/Right
Useful for game development frame debugging. Your average user won't need this. VLC has frame advance, but it's hidden and non-intuitive; I'm not sure if VLC can step backwards, I don't think it can. So, MPC-HC is better in my book for that functionality.
Con Windows only
MPC-HC supports only Windows operating systems.