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depending on the amount of raw power your htpc has, people might recommend diff setups, what I use, codecwise;

- Haali mediasplitter for Matroska based files

- FFDShow for all MPEG4 related de / encoding

- Quicktime alternative for mov files

- FLVSplitter (1.0.0.5) for streaming flash stuff

- MPV for MPEG2/1 content