This is simply the MPlayer binary wrapped inside a MacOS X application bundle, allowing for drag and drop, file association and opening videofiles directly from the Finder. It is based on the application bundle from MPlayerOSX and the mplayer binary compiled from SVN@mplaerhq.hu (09.09.2009):The application comes with a bunch of configuration files that you edit manually, but since that requires a learning curve of, oh, about 5 minutes and I already know how to use mplayer from the commandline, I just extracted the binary file from the app package and used it in the Terminal. So now I have an mplayer binary from September, 2009. Not 2011 current, but it does much better decoding newer AVC files the 2006 version choked on.
svn co -r29662 svn://svn.mplayerhq.hu/mplayer/trunk mplayer
This adaptation allows simple functionality like drag and drop, "Open with", file associations and opening of the MPlayer program without a graphical user interface. The mplayer binary itself provides with 300 video codecs and 141 audio codecs, the ability to open a wide range of movie files, streaming protocols dvd disks. In addition to the usual mplayer keyboard commands, there is support for the Apple remote.
So download it and use the GUI wrapper or whatever. I think you'll be pleased with the performance.