MediaMVP, or popcorn hour with gbpvr or other media extenders.

[mvallevand]

You quoted enough to make a point, but I was talking about on-fly-transcoding

MVP users are typically comfortable with the limitations of on-the-fly transcoding because they can indeed watch alternate formats, but the transcoded files usually are of lower quality, the aspect ratio could be lost and I think most importantly file navigation is lost.

Martin