How to make proper use of HW Video Acceleration

[weirdo]

Hi!

I've ordered the X1950Pro (RV570) AGP version which acording to the manufacturer supports "hardware video acceleration" for the following media formats:

MPEG-2, MPEG-4, DivX, WMV9, VC-1 and H.264

Now I really like the Windows Media Player 9 and was wondering:

1. Will WMP9 let me use acceleration for all those formats or is it only for WMV?

2. If not, is there any single software media player out there that will do this (preferably free)? The bundle contains a copy of Cyberlink Power DVD 6 is this what to use? After all it comes bundled with the card, or is it mainly for "MPEG-2 DVD media"?

3. What is "VC-1"?

I only want to make sure I'm using my new hardware to it's fully potential.

If anyone could enlighten me I would be most greatful.
/Thank you tweaktown