An anonymous reader writes "After many years of release-free development, FFmpeg, the most widely used audio and video codec library, has finally returned to a regular release schedule with the long-awaited version 0.5. While the list of changes is far too long to list here, some high-profile improvements include the reverse-engineering of all Real video formats, WMV9/VC-1 support, AAC decoding, and of course vast performance improvements across the board. To commemorate the 'lively' discussions predating the release, 0.5 is codenamed 'half-way to world domination A.K.A. the belligerent blue bike shed.' The new version can be downloaded from the official website."
As another reader points out, FFmpeg is what makes some open source multimedia apps (like MPlayer, Xine, VLC and Kdenlive) so versatile.