Here's another one, from about a month ago:
viewtopic.php?f=14&t=63501&p=212135&hilit=blue#p212135
Using the hint provided, I get pretty much the same results as the OP:
Default
DirectX video output
DirectX 3D video output, or
Windows GDI video output:
good rendering, but faces blue, sky reddish.
OpenGL:
colours correct, but playback jerky. Playback of video freezes
after a couple of minutes (audio continues).
Video memory module or
Image video output:
no video.
Color ascii art:
apparently correct colours (!) but of course the, ah, resolution, is nonsense.
I guess the answer must be that "they're working on it", hidden in the brevity of this response:
"It is colorspace conversion issue then because OpenGL defaults to RGB while others don't. So code changes are required."
In general, I used to prefer using even an old version of vlc over mplayerc, but since reverting to 099 doesn't solve the problem....