Using VM Player - supports a lot of video and audio formats and direct playing (and of course downloading) from network shares.
Moreover they promise smb file uploading and playing music directly from iTunes library in the upcoming 1.7 update.
1, are you working for Velestar Private Enterprise? You have four posts; every single of them recommends a product of them (VM Player and vSSH). You should at least post a quick remark like "I know I may be biased but..."
2, I do NOT recommend VM Player. Theoretically, it's a nice app but, in practice, both the video decoders and the streaming module have a LOT to be desired. For example, its SMB compatibility is far worse than that of GoodPlayer / XBMC - it didn't work with my password-protected OS X share. (GoodPlayer worked just fine.) Its UPnP support is also pretty bad - it showsjJust a dark screen when streaming (downloading works). After switching to SW decoding, it works. GoodPlayer works just fine in streamed, HW-accelerated mode under exactly the same circumstances.