MPlayerX (free) is one of those fabulous utilities like VLC, NicePlayer and MPEG Streamclip that seems to have ended up on my Mac as a must-have playback app. It offers an OS X wrapper around FFmpeg and MPlayer libraries. These enable it to handle a wide range of media codecs without requiring you to install extra packages.
The player provides tons of options aimed at the power user. I must be honest, though, and say that 99.999 percent of the time, I play a file, watch it and that's that.
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