It lives....seriously, though, that is pretty cool.
Using Posted Version #1
I will say it is impossible to judge performance without some rendering stats (Cntrl+J only works in Media Player Classic). The video looks a little choppy, but you already appear to be ahead of Media Browser Theater in terms of performance. I also noticed some noise in the picture; I'm not sure if that has to due with the dithering being broken, but there appears to be some amount of noise in the picture. Like I said; I need some rendering stats to know what is going on.
When launched, the Windows toolbar is visible when using Windows 7. I have to click on the image to see the video fullscreen. And after a while, the player stopped playing videos, or displayed them with the incorrect aspect ratio like below (the image is squished horizontally):
But, it looks promising. If you can get a more stable build together, I would suggest posting a link in the Doom9 forums. The guys there are very knowledgeable about madVR and likely would be happy to help with testing.
Again, a better build would be helpful. It is hard to test features at this state. Rendering stats, in particular, are important. I can then use MPC to test the rendering queues between the two players after enabling and disabling settings.