This Quicktime component is also free, open source and plays everything.
Pros:
Gives you that nice, "OSX" look
Allows you to export video files into Quicktime format
No extra piece of software, simply adds the functionality to Quicktime
Cons:
Forces you to deal with the clumsy Quicktime GUI
So, the question comes down to this: Do you like the Quicktime interface? If so, Perian is for you! Otherwise, the more VLC is going to be the best option.