We have tested many multimedia players and there many of them that are really good. SPlayer is in the group of the best media players and it's free.
SPlayer supports a really large list of video and audio formats. It's difficult to find a video format not supported by this amazing media player. From the famous MPG, AVI or RM to the less known RATDVD or IVM passing by an extensive list of formats. That list also includes audio formats, so your music also has its place in SPlayer.
Its interface is simple but amazingly effective. While you play and watch the file you can modify audio and video settings with one click. If you place the cursor on the upper side of the video a tiny bar appears and you'll be able to change settings there or even take snapshots.
It also supports streaming video and it can play unfinished videos, something really interesting to check if the video we are downloading is the one we want or not.
Not only does it support subtitles, but it also allows us to move them in the timeline to synchronize it with video. You can change font and size.
In short, SPlayer can become your favorite video player. It consumes very few resources, supports subtitles, play all formats and it is very easy to use. Try it, it's free and you'll be amazed.