VLC media player is an lightweight, open-source multimedia player that supports nearly all digital...
VLC media player is an lightweight, open-source multimedia player that supports nearly all digital audio and video formats (e.g. H.264 ,MKV, TS (but not from Technisat DigiCorder), MPEG-2, mp3, AVI, MPEG-4, Ogg, DivX, aac, ...). It can also transcode and convert media files, and act as a streaming server over unicast or multicast and IPv4 or IPv6. VLC does not need any codecs to work.
User Interface in more than 25 languages available. Space demand on hard disk: 75 MB. More Info »
For direct playing of TS-files from a Technisat Digicorder you need the KMPlayer. More Info »
In my opinion VLC don't have an alternative. Why? Because none of the players don't offer such a wide variety of functions and stability. VLC has one of the best ratio how slow(old)computer is and how good movie can it be played.
I don't like VLC anymore :(
VLC always crashes when I try to read a CD or a DVD (at least on my notebook and on the desktop).
Now I'm trying GOM Player which is more lightweight too.
I think that GOM Player is a good alternative to VLC: it can open a lot of formats like VLC, regarding the installation it's smaller (GOM Player about 20 MB, VLC 77MB http://img245.imageshack.us/img245/7497/confronto.png ).
It's a pity GOM Player isn't multilanguage :(
MPC-HC is the most lightweight though.
And is multi language!
It plays almost everything, including DVDs. And it's free. What more could you want?