I've been using it with no problems. It handled subtitles on a movie I was watching a lot better than vlc or quicktimeplayerX. It's free so give it a try.
I wish "pinch to zoom" were used for Full Screen (instead of double clicking). Making the window "almost full-screen" doesn't make make any sense to me, I just don't see any practical use for it.
Will mplayer resync audio and video like VLC can? Occasionally I'll download a movie file that was improperly encoded and the sound/video are out of whack by up to 3 seconds.
I like how VLC lets you bring things back in sync.