Lots of good things in this very new version of VLC Media Player — the interface is slick, well designed and, in a word, Mac. There is a proper equalizer, Lion fullscreen, (experimental) Blu-ray support, improved subtitle functionality, codec support aplenty and, well, lots of good things (release notes).

• VLC for Mac OS X Intel (64-bit)
• VLC for Mac OS X Intel (32-bit)
• VLC for Mac OS X PPC

And, yes, you read that right — VLC Media Player 2.0 is available for PowerPC (OS X 10.5 and up).