Kantaris media player makes VLC pretty
Kantera is an audio/video player that can handle all of the same media formats as VLC and then some. It features an attractive skin, some trippy audio visualizations, and integration with Last.fm and Apple movies trailers. While the Kantera homepage touts the program's ability to handle audio codecs that VLC won't normally play, we've never had any problem opening WMA or other closed source file formats with VLC.
Kantaris doesn't appear to have support for hotkeys yet, which is a bit of a drawback. But version 0.3.0 which was released this week adds support for playing archived RAR files without extracting them first which is a pretty awesome feature. Kantaris is only available for Windows, but the source code is available so we wouldn't be surprised to see a Mac or Linux port sometime down the road.