Until you use MPC+HC decoder and try to play DXVA compatible video + external subtitles = black screen.
Yes, I use Cyberlink PDVD7 as h.264 decoder and ffdshow for xvid and divX. The mkvs I tested are encoded with xvid/divx/h264, audio mp3/aac, SD and HD up to 720p. I think I watch these without DXVA (at least if I activate subs).