VIdeoLAN, popular maker of the open source media player VLC has released their flagship application for the new 4th generation Apple TV. It features a few really unique features such as the ability to download subtitles on the fly, and ability to stream any video file on your computer by just using a browser. No conversion or iTunes necessary!

Pros

  • Play any format
  • Network discovery (DLNA, UPnP, SMB, FTP, Plex)
  • Subtitles and artwork
  • Free!

Cons

  • More external integrations
  • UX