You could use VLC, but the quality is not nearly as good as MPC-HC + MadVR. It's a only 10 minute setup time after which you are not required to tinker with it again; at least not until you do a fresh reinstall of Windows.
I think it's worth it
It is also very hardware/battery taxing - worse than VLC.
Issues that you talk about, such as needing dithering and 10-bit are only prevalent in a situation where your compressed copy is nowhere near the original quality
And in other cases, are a placebo and/or misconfiguration. For example MindTrickz showed two screenshots using two screenshots which show a difference between 16-235 luminosity and 0-255.
The best thing to do is to use MPC with LAV and in LAV settings enable native DXVA.
VLC seems the game equivalent of a "cheap port" - expected from an application that runs on Linux. This seems to be enforced by the developers inability to make VLC a modern application.
I doubt VLC's GPU offloading matching the quality of MPC + LAV combination.
Oh and never install codec packs. Codec packs are needed only if you prefer Windows Media Player. WMP is actually the best player, performance wise I have ever came across.
WMP just lacks proper support for most everything pirated.
Edited by _Alexander, 22 December 2013 - 09:58.