SMPlayer, a new multimedia player, which I'm sure you're going to love. SMPlayer uses the award-winning MPlayer as engine, so it's able to play the most known video & audio formats without the need of external codecs: avi, mkv, ogm, mpeg, vob, 3gp, asf, mov, wmv, mp3, ogg... You can also play DVD discs and Internet streams.

Special care have been taken with subtitles. It supports srt, sub, ssa, embedded subtitles in Matroska files, DVD subtitles...
SMPlayer subtitles can be very nice, you can choose font and size, and even colors for the subtitles.