Windows Media Player / VLC

I use Windows Media Player for streaming web content and VLC for files that I download, as it generally copes with most formats very well. But occasionally I try to watch a .wmv file and there's no video - only audio. I presume this is because VLC doesn't have the most up-to-date codec. And when I try the same file in the actual Windows Media Player it does the same thing. Granted this doesn't happen terribly frequently but it's still annoying when it happens.

Does anyone else experience this?

Surely there must be a media player for the mac that can cope with every file type, every format....?