I have been looking through this thread over the weekend and downloaded v1.20, replaced mencoder.exe and mplayer.exe by the version stated earlier in this thread and to my surprise and delight can now stream videos on my Bravia KDL-40W5500 - the commercial media player I bought (Nero Media Home 4) would only see and play some videos, and would not transcode anything, so I am very impressed!
I did not even have to do any 'tweaking' of configuration files as it looks as if some kind soul had already included a conf file covering my TV in the 1.20 build, and even a sexy image of it which is displayed as the alternative renderer (next to another renderer, I have no idea what this is!)
I do have a few question? I get a few extra folders, with what appears to be transcoded copies of the original videos, I thought the idea was the original files were transcoded 'on the fly' '?? Sometimes the original will not play but the 'copy' will, or the image is broken up, have I missed something in the documentation?
My CPU is an Intel Core 2 Duo 6600, and when playing an HD video (MKV format) sometimes I get occasional pauses in the video and audio - is this likely to be the CPU causing a bottleneck? I have just ordered a 6850 which is a fair bit faster, think this will help? (can't hurt!)
If I fast forward video after a few jumps the picture pauses?
I'll carry on experimenting but I am very impressed with this and am thinking about sending a contribution - thanks to everyone who has been contributing, I do not own a PS3 but the Bravia side of this software seems very well supported

Best wishes
Chris