VLC (initially VideoLAN Client) Media Player 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