I've been using VLC Streamer by Hobbyist Software for a few years now on my PC and it's my absolute favorite media player hands down - Winamp is probably my second fav. VLC Streamer is a very small (4KB) and yet robust program which plays virtually every video format you can imagine. These include WMV, MP4, Ogg, DivX or Xvid, MPEG, etc. You name it, VLC Streamer plays it. It also plays all audio files including Wave and MP3 and other compression files such as FLAC. The controls are great and user friendly and allow you to choose between many Video options such as Aspect Ratios, Zoom, and Crop. It also has Audio settings for Stereo/Mono, Left, Right, and Reverse Stereo. And it runs smooth - unlike most other media players which freeze up and pictures break up on.
The VLC Streamer Remote App for iPad from the App Store takes it to another level. It enables you to stream Video from your PC's or Mac's local Hard Drive to your iPad, iPhone, or iPod Touch. Once installed on your iPad, iPhone, or iPod Touch device, using Hobbyist Software's easy to follow instructions, you install a small program on your PC or Mac and set some settings to let your iPad "see" your computer using it's IP Address. Viola! You can now stream Videos from your computer to your iPad. You also have the options for different Bit Rates (Quality) and whether to save the file to your iPad or just stream it. While streaming or downloading files your computer must be powered up and running; but once downloaded to your iPad it's saved within the VLC Streamer Remote App and plays independently from your computer. Access from anywhere, as it is on your iPad's Hard Drive. Easily delete when you want. And like the Computer Version of VLC Streamer it plays nice and smooth once downloaded, and streaming is pretty smooth too once the buffer catches up. I'll actually give Hobbyist a free link here since they are Shareware and I love their products and have been using them now for some time. Otherwise I'd be the usual Capitalist Pig that I am and charge them for the link. Enjoy all you Techies out there.