I haven't tried that many media players but here is what I have tried in the past.
- Quintessential Media Player (QMP) : Used this a long time ago, was better than Windows Media Player had some decent features. I don't think it's a good option anymore.
- iTunes: iTunes for some is great, for me I hated it. Still hate it, it's layout, it's features, everything about it. However, it's better than WMP, and QMP.
- KMPlayer: This is actually a decent player I think, supports plenty of file types and provides decent features. The sound quality is better than VLC for music. VLC is a better video player I think in both sight and sound. Overall not bad, never hurts to try it.
- VLC: This became my go to media player for a while, still use it for video. Nice features, supports pretty much any file type, and simple to use. I find the EQ to be lacking. Overall, you cannot go wrong with this player.
- Foobar2000: Recently discovered this while looking for a better player for music that had a better EQ. I find this to be a much nicer player for music, more features, easy on system resources, and nice sound quality. Personally I think this needs to be on everyone's list.
I cast my votes for Foobar2000 for music and VLC for video.