The latest version of the open source and extremely functional media player, VLC player has been released. VLC 0.9.2 has been in development for over two years and has a revamped user interface (see screenshot below).
There are also a few new features like album art support (think iTunes), metadata tags editor and compatibility with Last.FM and Youtube videos (directly). These two features would really help VLC move away from the traditional tag of a play-it-all media player.

VLC is most notable for its incredible ability to play just about anything thrown at it – even 3G and obscure formats – without requiring installing codecs. This is because it contains most codecs bundled.
Download VLC player 0.9.2 for Windows or Mac OS X
Linux users head over to the home page and click link to your distro for instructions
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The UI certainly looks nice