Mplayer my ultimate choice for watching movies. Get it on www.mplayerhq.hu. Also available for Windows and MacOS X.
MPlayer is a movie player for Linux (runs on many other Unices, and non-x86 CPUs, see the documentation). It plays most MPEG, VOB, AVI, Ogg/OGM, VIVO, ASF/WMA/WMV, QT/MOV/MP4, FLI, RM, NuppelVideo, YUV4MPEG, FILM, RoQ, PVA files, supported by many native, XAnim, and Win32 DLL codecs. You can watch VideoCD, SVCD, DVD, 3ivx, DivX 3/4/5 and even WMV movies, too (without the avifile library).
Another great feature of MPlayer is the wide range of supported output drivers. It works with X11, Xv, DGA, OpenGL, SVGAlib, fbdev, AAlib, DirectFB, but you can use GGI, SDL (and this way all their drivers), VESA (on every VESA compatible card, even without X11!) and some low level card-specific drivers (for Matrox, 3Dfx and ATI), too! Most of them support software or hardware scaling, so you can enjoy movies in fullscreen. MPlayer supports displaying through some hardware MPEG decoder boards, such as the Siemens DVB, DXR2 and DXR3/Hollywood+.
MPlayer has an onscreen display (OSD) for status information, nice big antialiased shaded subtitles and visual feedback for keyboard controls. European/ISO 8859-1,2 (Hungarian, English, Czech, etc), Cyrillic and Korean fonts are supported along with 12 subtitle formats (MicroDVD, SubRip, OGM, SubViewer, Sami, VPlayer, RT, SSA, AQTitle, JACOsub, PJS and our own: MPsub). DVD subtitles (SPU streams, VOBsub and Closed Captions) are supported as well.