Miro (formerly Democracy Player) is a free/open video player that automates subscribing to feeds of videos that are fetched down using Bittorrent (meaning that the creators of videos don't have to have the money for bandwidth) and then played in a flexible player that supports practically every format. The effect is great: pick a channel of videos that you like, subscribe, and forget about it — Miro downloads episodes as they're available and just plays 'em, no matter what file format they're in.
Nicholas Reville from Miro sez, "In our relentless quest to make great free and open-source software and help decentralize media, we have just released Miro 3.0, a major update that adds support for subtitles.
We're also releasing a brand new application called Miro Video Converter, which is a really easy way to convert any video to MP4 or devices, but more importantly is the only easy way to convert a video to patent-free OGG Theora using the latest high-quality encoding (which really does rival the quality of h.264). We created this converter because our campaign to get Video on Wikipedia was only practical if people had an easy way to make Ogg Theora videos."
Miro 3: An amazing open-source, non-profit video player.
(Disclosure: I have the honor to serve as a volunteer on Miro's Board of Directors)