Mac users rejoice! Release 0.8.6 of the VideoLAN client media player supports Windows Media Video 9, Flash video as well as improved H.264 decoding. This means you won't have to rely on Flip4MAC for your WMV needs. The updates don't just stop there either - there's a handy fullscreen controller similar to the one found in QuickTime. Of course, these feature additions aren't just for Mac users, PC/*nix users can take advantage of the new updates as well.
The new VLC release plays WMV no problem.
VLC's new fullscreen controller - I will be using this a lot.
The full list of changes in version 0.8.6 can be found here. Notable inclusions can be seen under the video output section... "Additional OpenGL effects (cylinder, torus, sphere, ...), Experimental Direct3D 9 video output (win32). Best served on Vista." Download VLC for your system from the VLC download page.