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If you playback WMV files (independ from the WMV codec), VLC will cut the last second of the WMV file. So the WMV file will not complete played by VLC.
I tried different Transcoders to encode different WMV files and VLC doesn't plays the complete file of all WMV files I tested.
Older versions of VLC did show a wrong file length of WMV sources, but the files were played complete. In version 1.1.0 seems the display of the wrong file length to be fixed, but it looks like a new bug has been added. Do you know more?

Thanks a lot!

Joe

How much is cut?

its about 1 second (22 frames)

got from somewhere this version of VLC - vlc-1.2.0-git-20100608-0210-win32. This version plays the WMV files correctly. I'm not sure if this VLC version is an official released one.

It isn't a release, but it is done by us.