Version 5.5 includes more video format compatibility by using the vlc engine to transcode videos along with bug fixes und usability improvements (see http://www.viananet.de/changes). Hope you find it useful.
I recommend to install the latest K-Lite codec pack from http://www.codecguide.com
The standalone versions can be used when video recording is not needed.
P.S: Not all feature requests made it into this release cause I had not much time.