While I definitely agree with you that VLC is a gem I'd like to add that on Windows there's a - AFAIK - more feature-rich open source project called MPC-HC.
My main reason for using it over VLC is that it's comically easy to download (just press "D") and sync subtitles (pause in the beginning of a sentence -> CTRL+6 -> select sentence -> F5).
Last time I checked this was a lot harder in VLC. It required a trial-and-error method to try and get the correct delay.
I love MPC-HC and still use it on a Win 7 box plugged into my TV but sadly it is no longer actively developed[1]. Because I strictly use it for local videos and don't run anything remote through it I don't worry too much about the lack of updates. But I imagine a day will come when it will no longer work on some new version of Windows.
My main reason for using it over VLC is that it's comically easy to download (just press "D") and sync subtitles (pause in the beginning of a sentence -> CTRL+6 -> select sentence -> F5). Last time I checked this was a lot harder in VLC. It required a trial-and-error method to try and get the correct delay.