VLC (initially VideoLAN Client) is a highly portable multi platform multimedia player for various audio and Video formats (MPEG 1, MPEG 2, MPEG 4, DivX, mp3, Ogg, OGM, MOV, wma, wmv...) as well as DVDs, VCDs, and various streaming protocols. The VideoLAN project targets multimedia streaming of MPEG 1, MPEG 2, MPEG 4 and DivX files, DVDs, digital satellite channels, digital terrestial television channels and live videos on a high bandwidth IPv4 or IPv6 network in unicast or multicast under many OSes.
VideoLAN also features a cross platform multimedia player, VLC, which can be used to read the stream from the network or display video read locally on the computer under all GNU/Linux flavours, all BSD flavours, Windows, Mac OS X, BeOS, Solaris, QNX...

Rewrite of the playlist (tree structure, input preparsing ...)
Preferences improvements

XML parsers
Client side SSL/TLS support
Massive Matroska improvements
Support for SOCKS proxy
Support for Shoutcast Meta data
Support for (HE )AAC raw audio streams

TiVo demuxer
Samba (Windows shares) access module
Dirac decoder and encoder

PNG decoder/encoder
Support for Apple Lossless Audio Codec
Services discovery modules (brand new SAP module, HAL discovery, DAAP (iTunes shares), shoutcast)
Support for 20/24 bits LPCM
Video snapshot support (png or jpg)
Image file video output (png)
Mosaic (picture in picture system)

Pocket PC port
Brand new Internet Explorer ActiveX plugin

Changes in VLC (VideoLAN Client):
Demuxers
* Fix wmv/asf issues that caused audio to drop
* Various fixes for ac3, mp3, dts and stability for wav format
* Fix seek in RTSP in conformity to RFC 2326
* Fix Dailymotion access script
* Fix crashes in xspf files handler
* Fix seeking and timing issues in some flv files on Windows version

Access
* Add extra caching for files on network shares
* Prevent integer underflow in Real pseudo RTSP module, discovered by tixxDZ, DZCORE Labs, Algeria

Decoders
* Fix seeking in mpeg2 video files
* Improve SSA subtitles rendering
* Update most codecs for the Windows and Mac version

Muxers
* Fix sound recording of .flv files with mp3 audio

Qt Interface
* Possibility to change the opacity level of the Fullscreen controller
* Fix various crashes and VIDEO_TS folders opening

Mac OS X Interface
* Added options to disable support for Apple Remote and Media Keys
* Fixed options for Volume, Last.fm password and Subtitle Encoding
* Fixed redraw issues when autosizing the video window
* Preferences panel now includes help through tool tips
* More reliable Information and Messages panels
* Fix various crashes

Windows port
* The ZVBI module is now available for Windows, for complete teletext support