Watch out for flip4mac's cute little way of high jacking QT. It's nice that it works great inside of QT however...
Flip4mac puts watermarks on exported files. I paid for QT Pro and all the exports would have watermarks on them. To make it worse Flip4mac wants money to upgrade their product to a product that doesn't put watermarks on everything. Which, by the way, there weren't any such watermarks in QT before installing Flip4mac.
I use QT Pro frequently for exporting and I don't like my existing software being highjacked, which I paid money for, so this was unacceptable.
VLC is a stand alone player but is probably one of the worst pieces of software around. I refuse to use WMP, it's old, outdated and MS was kind enough to make it run crappier on Macs than on Windows.
A friend suggested a solution to me: copy QT and rename it then install Flip4mac on the original QT. Hopefully the original QT will play WM files well and the other will function as QT Pro does without being tainted by Flip4mac's watermarks. Both QT's will use the same prefs but I don't care.
I hope it works because Flip4mac does seem to play WM files quite nicely inside of QT. I have heard of other codecs for this but the names escape me.