New HEVC Codec is excellent.. but..
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There is a new codec called HEVC (H.265) which is excellent. It produces movies that are about half the size of H.264, without losing any quality. The problem is that although Videolan.org and there VLC player has implemented the HEVC Codec, Cyberlink's PowerDVD has not. The reason could be that HEVC (like the old Realmedia RM codec) is proprietary, and commercial products such as PowerDVD can't implement a proprietary codec without licensing it. VideoLan VLC is not commercial, and they don't care if something is proprietary or not.
Even thought VLC might not be the best player, it is the most universal. It plays virtually all formats, and even plays incomplete downloads and damaged files.