Well VLC is a good all in one solution,but MPCHC has better video Q.Both support Hardware acceleration.VLC doesnt require filters & can also output audio digitally with ease.
Again it depends on better GPU.I could easily play 1080p & some of Blurays with vlc- http://www.hifivision.com/home-thea...1-light-weight-media-player-720p-1080p-5.html