Use MPC-HC. Far superior to any other media player and it has built in decoders and will do DXVA of x264 and VC1. And supposedly is will do DTS-MA and DD-TrueHD, but I haven't played with that aspedct very much as I just ditched my HTPC.
http://mpc-hc.sourceforge.net/
VLC is nice that it plays everything, but the PQ is not very good as they use very rudimentary processing.