UMPlayer for Mac is a free media player with support for all major audio and video formats plus a range of extra features.
In terms of functionality, UMPlayer is great. Files are easy to open, and it will play pretty much anything you want. In terms of video, UMPlayer has a clean interface, and supports subtitles just as well as VLC media player. For playing music, you can set up playlists, and there is an EQ for changing sound levels. You can
If you have audio or subtitles out of sync, they are easy to shift in UMPlayer's synchronization panel. A number of skins are included in the app, so you can change the way it looks according to your own tastes. UMPlayer takes up slightly less HD space than VLC player, and offers pretty much the same functionality, and with an arguably prettier interface.
UMPlayer is a stable, lightweight and very flexible media player, and a great choice whatever file formats you are using.