Version numbers are largely meaningless. Firefox and Chrome are perfect examples of this. It could also be argued that the OS X version numbers are also largely meaningless - 10.x releases should be "minor" releases and I'm not sure I'd classify the 10.5/10.6/10.7 releases as "minor" upgrades (although who know how this might differ with the new release schedule). Another example is the Linux kernel. Version 2.6 was released in December of 2003. For nearly 7.5 years, the Linux developers worked on version 2.6. In July of 2011, the version number was changed to 3.0 with the following reason as an explanation: "there are no special landmark features or incompatibilities related to the version number change, it's simply a way to drop an inconvenient numbering system in honor of twenty years of Linux" (
source). This version number changing isn't new to the Linux community either - Slackware linux jumped from version 4 to version 7 for "marketing" reasons (
source). What I'm trying to get at is the inability to determine quality from a version number since they are so arbitrary. If you're really concerned, you'll need to figure out what the developers mean by "1.0".
Anyway, back on topic. You could also try VLC - it'll play just about anything thrown at it.