I use Windows and Linux interchagably so I like to choose open source toolsets that run on both platforms (I also find that Linux apps are generally also available on Mac OS X so that’s cool).
Miro is now my favourite video player (Xine has been deprecated in my A-List).
It supports all the video formats I use (Flash Video, AVI, H.264, Windows Media, Quicktime and MPEG), searches YouTube and Google Video, and allows downloads.
The only downside is the arms race between Miro and YouTube for enabling and disabling the download facility respectively but that is OK if you keep your version of Miro up to date.
You can get Miro here: Get Miro
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