I have been using VLC Media Player for a long time now, while searching for freeware for my laptop, I came upon GOMPlayer.
GOM player has a unique setting which allows it to render videos in a higher quality than normally. It’s not a huge improvement in quality, but the difference is noticeable.
They also claim to have a patented technology which allows you to play broken or incomplete files (such as while downloading).
I love to use the arrow keys to forward or reverse a video and GOMplayer has this feature too. Definately worth a look if you watch a lot of videos. This is a good freeware alternative for softwares like PowerDVD.