I'm having a similar issue. Playback of a WMV file (audio: WMAP, 3F2R/LFE, 48kHz, 32b/sample 128kbps; video: WVC-1 advanced, 640x480, 23.976fps, 1Mbps) is fine with Windows Media Player, but in VLC the log fills with warnings about the picture being too late to be displayed. CPU usage is comparable ...