Ranked in these QuestionsQuestion Ranking
Pro Needs no additional codecs
Everything MPV needs to play media files is contained within which means no outside codecs are needed.
Pro Minimal interface
The whole interface is just a video with a minimal OSD.
Pro Integrates with streaming services
When used with youtube-dl.
Pro Caches livestreams
Intelligently caches livestreams and enables jumping within the cached stream.
Con Lack of a typical GUI can be jarring to some
The minimal interface comes at the cost of beginner-friendliness. You need to know keyboard shortcuts by heart, settings are set in text files, right-clicking won't bring up a menu, etc.