Quoted from: http://mplayerosx.sourceforge.net/
MPLAYEROSX source is now on http://www.mplayerhq.hu

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MPlayerOSX is binary distribution of MPlayer (The Movie Player for Linux) and comes with native GUI in MacOSX. After installation you can simply (by Drag&Drop) play almost all 3ivx, DivX 3,4,5 and other codecs files in the window or fullscreen mode. Rendering of very nice antialiased text-based subtitles is also supported.

It consist of compiled binaries of mplayer and mencoder, separate GUI for mencoder and standalone Cocoa player application based on mplayer binaries.

MPlayer has very good postprocessing. On every image in the movie is applied a filter to reduce square areas, which comes from codec's compression algorithm.