The VLC Media Player (64-bit) is a favourite among many video watchers due to its abundant format support, style, and customization options. It is an open-source media player developed by the VideoLAN Project and is licensed under GNU GPL v2. The app supports extensions and add-ons from all over the Web and has consistently been one of the most popular video players for years.
The content does not list any specific cons, but it does mention a few fixes in the latest version, which implies past issues with HLS regressions, imprecise seeking in m4a files, AAC playback regression, and a security issue.