I havn't heard anybody mention it yet so i thought i would let you know what i use.
It can be downloaded here the trial version is fully functional for 30mins at a time.
I find it very usefull, it plays all audio/video formats + karaoke. Ready for hardware controllers.
Very good features. For example you can have your logo in any position of the screen just like the tv channels, it has a ticker to show/scroll text and best of all is very easy to use + all future updates are free lastly you can have multiple instances of the program running together ie 1 instance for your karaoke another for your music vids & another for your ads. + when nothing is showing ie playing audio it defaults to any jpeg you have selected as a background.
Give it a try - you may be surprised. It was built by a DJ so most things have been thought through with experiences he encountered.
Ps i dont own a controller but if you do - perhaps you can let me know how well it works with this software.