GOM Player is a freeware Video player for DVDs and other video files. And it is best Free alternative to PowerDVD and VLC 
Media Player. We all know about VLC Media Player. It is free and best open source Video player software. However VLC lacks while playing the some media files, also the Paid Software PowerDVD. So better we can use this GOM Player to get better theater experience in our home itself.
Features:
Codec Finder:
GOM Player have many codecs in default. That is XviD, DivX, FLV1, AC3, OGG, MP4, H263 and more. You won’t need to install separate codecs for most of the video formats. If requires, GOM Player will automatically finds and give the link to download open source or free version of codec for you. ( Tell Now GOM Player Rocks…. 
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Play Broken AVI Files (Patented):
We all know AVI files can not be played if the index is broken, or the file isn’t completely downloaded. The reson is index is located at the end of the file. But GOM Player’s patened technology enables users to view Broken AVI files.
Powerful Subtitle Support:
GOM Player supports SMI, SRT, RT, SUB(with IDX) files for subtitle. You can specify margin, location, size, resolution, font and others.
Convenient Playlist:
GOM Player supports most of the playlist formats such as M3U, PLS, ASX. Also you can easy to create and edit your own multimedia playlist with GOM Player.
Support Different Media Types:
GOM Player supports streaming Windows media format such as WMV, ASF, ASX. You can also watch DVD Videos with 5.1 Channel audio output.
Screen Capture:
Screen capture allows you to take a screenshot of your video directly from GOM Player. **Hot**
Customizing Feature:
Customize brightness, contrast and saturation. Sharpen and add noise to your video. And many more…
Note :Download and Install additional Codec for playing .ra , .rm , .ram media files.
Source: GOM Player Website / Download: GOM Player / Freeware
VLC is open source with much community support and therefore better imo. It is supported on multiple platforms whereas gom will only run on Windows.