I really wish I could share your enthusiasm, as VLC does promise a lot and would truly be right on the money if it delivered.
The fact remains, however, that I have yet to watch a streaming video clip without having VLC crash. And when VLC crashes, it crashes badly - it locks up the entire system, making it no small feat to get the system back up without a cold restart. I've been running WinXP since it first came out, and I've yet to see another application bring the system to its knees the way VLC does. So hats off on that one, at least!
On the plus side, VLC does play a great number of video files that programs like Windows Media Player and Quicktime give up on, so I'm not giving up hope just yet. I'm currently browsing these here forums for pointers to anything that might indicate me doing something wrong, but it's looking gloomy thus far.
Anyway, it's not the end of the world. I'll definitely be here to check out the 1.0 release!