VLC Media Player is a very popular program designed to be used on various platforms, like Mac, Windows, Linux, and Unix, and is well known for providing you with a wide range of useful features. This open source application works with almost any multimedia format, gives you access to dozens of video and audio configurations, and comes with a simple interface so any Mac user can easily handle its numerous functions.
For the last couple of years, VLC Media Player has been my favorite tool for playing all kinds of video files. It offers plenty of subtitle settings, allows you to create playlists and save them for later, lets you define global hotkeys for various tasks, and much more.
A feature I wasn't aware of until recently is the ability to convert media files to other formats using this Mac player. The app supports conversion from and to plenty of multimedia formats and offers you quality results within moments.
In addition, you also have access to plenty of video and audio configurations. For instance, you can apply various visual effects to your movies (for instance, Sepia), crop them if necessary, configure the built-in equalizer options according to your requirements, etc.
As a conclusion, it's definitely worth setting this application as the default player for all the media files you wish to watch or listen. As I said before, the program works with dozens of multimedia formats and can easily be used as an alternative to QuickTime and iTunes playback, is available in many languages, and comes without a price tag.