VLC is a free, open-source media player that can handle many different codecs. We reported back in mid-April that VLC would soon be coming out with GPU acceleration. They have now released Release Candidate version 1.1 that includes this feature along with some others:
VideoLAN and the VLC developers are proud to announce the first Release Candidate of the 1.1.0 version of VLC. This test release, aimed at power-users is a major update on the current VLC 1.0.x branch. It includes numerous changes, modification and improvements, including GPU/DSP decoding, support for more formats and codecs and extensions.