I used VLC Media Player for literally years then switched to Media Player Classic - Home Cinema and never turned back becuase it's a little lighter on the usage for the computer. For me personally, if you're playing many different file formats the best standalone players are VLC and MPC.
I can't watch videos on my laptop, I need a big screen. Now if you are trying to be discrete to watch other videos which you don't want to broadcast on big screen, VLC is the way to go Although it's getting annoying with it wanting to update every time I open it. I'm sure there's a way to turn it off, I just wanted to btch It's not as good for music, I don't know how to make a playlist.