Just did a quick test of vlc-1.0.0-rc2-win32.exe which I just dloaded.
All the colors seem to be wrong. It didn't matter if I used my old configuration or let it create a new one. The colors are all bluish.
I'm running this on a windows 2000 system inside a virtual vmware machine, but I don't think this is an issue, since pre v1.0.0 versions work just fine.
The files I am playing are all mpeg2 files. Haven't tried anything else since this is such a complete showstopper.
I tried searching for a related post before posting but surprisingly I didn't find anything. Apologies if I missed someone.