If you already tried MoviX2, this is basically the same thing but it does not use X (so it is much smaller!) and the menu is written in Perl (so it is much easier to develop and customize!).
Moreover, it supports TV-out for (at least!) ATI, Matrox, NVidia, CastleRock, Savage and Trident cards.
Supported formats are all formats supported by mplayer, most noticeably DivX and QuickTime but more in general any DVD, VCD, AudioCD, avi, mpeg, ogm, wmv, asf, fli and a few others. Mplayer was also compiled with mp3 & ogg/vorbis support so you can also use it to play music!
Thanks to the 'fbi' application is also possible visualize the following images format: PhotoCD, jpeg, ppm, gif, tiff, xwd, bmp and png.
MPlayer supports playlists so you can also use it to play in the order you want any number of audio/video files.