YUV/WMV1/Raw4 playback produces 4 screens instead of 1

[Bouda]

Clip: http://www.parentstv.org/ptc/clips/BasicCable/clips.wmv (warning: nsfw (includes clips of South Park and other possible offensive/mature material from other shows))

(note the cool transparent box, which I can't screencap. (it is a slightly pixelated version of the one above, but less than the others.)
Problem may be in relation to viewtopic.php?f=14&t=71861 as well. Please confirm.
Video Codec: WMV1
Audio codec: wma2

138# Video-Codec,
Name - Intel Indeo(R) Video YUV Codec,
Filename - C:\WINDOWS\system32\iyuv_32.dll,
FourCC - vidc.iyuv,
Version - 5.1.2600.5512 (xpsp.080413-2108)

Media player classic info: (plays on 1 screen)
Audio: Windows Media Audio 32000Hz stereo 32Kbps [Raw Audio 0]
Video: Windows Media Video 7 320x240 30.00fps 464Kbps [Raw Video 4]

[Jean-Baptiste Kempf]

Yes, known shortcoming of VLC.

[Bouda]

Yes, known shortcoming of VLC.

Please explain.