I’ve switched to using [MPlayerX](http://mplayerx.org/) ([App Store](http://itunes.apple.com/us/app/mplayerx/id421131143?mt=12)) since upgrading to Mac OS X Lion because it can play many more formats than Quicktime and is, in many ways, much better looking than VLC.
Today I’ve stumbled across [a slew of hidden settings](https://github.com/niltsh/MPlayerX/wiki/Some-settings-you-can’t-find-in-the-UI) that you can’t find via the UI.