Hey grubbydog , I had the same problem AUDIO BUT NO VIDEO, and I just upgraded yesterday with a new reformat of my Hard Drive. Never had a prob before. I searched here after trying all kinds of other places and the guy had 2 suggestions.
1st solution: change Video Output to Direct X, open VLC-goto-settings-preferences-video-output modules, then click advanced options at the bottom and when that opens select Direct X Video Output. Then press save at the bottom and retry your video.
2nd solution: Uncheck Overlay Video Output, open VLC(or if your still there) goto-settings-preferences-video-then uncheck the box in front of Overlay Video Output. press save and retry your video.
I did both at the same time so I can't say which worked but it was easy and fast and NOW my video's play great again.
Just sharing the good info, ya'll have a great holiday season
Brian(brainpup)