So, a lot of fansubbers are switching over to a magical new H.264 profile called Hi10P. Basically, 10 bit color is supposed to deliver anime MKVs in smaller filesizes and with less banding. A few fansub groups have already made the switch, and many more are expected to come the fall season.
The problem is, the CCCP is using outdated technology doesn't support Hi10P yet. The beta tryout does, but it's glitchy as all hell. So what's a poor otaku to do? There are several options for PC users, some better than others.
Option 1: Download the latest beta of VLC. This is only a good idea if you're using Linux.
Option 3: Use Media Player Classic + MadVR. This solution seems to work pretty well, but also involves a long, arduous setup process.
Option 4: Use Media Player Classic + LAV Filters. This seems to be the best option I've tried. The LAV video codec supports a broad selection of media formats and uses the same technology as CoreAVC without the high price tag or bugs.
So my recommendation is to use LAV, at least until the CCCP gets its act together. Here's how you do it.
Step 1: Download the latest installer. Install the LAV codecs.
Step 2: Get into MPC's options and configure it like the picture below. Make sure you set the LAV codecs to Prefer. I opted to use the Haali Media Splitter instead of the LAV one because it's more compatible with certain file types frequently used by groups like CoalGirls.
Step 3: Exit and restart MPC so your filter preferences will take effect.
Step 4: Download this 10bit encode of the Madoka OP and try playing it. If it plays perfectly with no artifacting, odd color shifts or glitches, you're golden.
Step 5: Go watch Redline in 10 bits. Seriously.
NOTE: If you have a previous version of CoreAVC installed, you may need to go into the settings application ("Configure CoreAVC") and make sure it's not set as the preferred decoder.