Well, it could not be without flaws. I noticed that it has problems with some video files it reports as just MPEG4. Here is video information for such file which doesn't play smooth but jerky:
I did notice a little jerkiness when played in vlc as well. It's probably more noticeable when played on a big screen. So I'm not sure if this is a player problem or video just encoded that way.
Video ID : 0 Format : MPEG-4 Visual Format profile : Simple@L3 Format settings, BVOP : Yes Format settings, QPel : No Format settings, GMC : No warppoints Format settings, Matrix : Default (H.263) Codec ID : XVID Codec ID/Hint : XviD Duration : 1h 13mn Bit rate : 995 Kbps Width : 640 pixels Height : 352 pixels Display aspect ratio : 16:9 Frame rate : 23.976 fps Color space : YUV Chroma subsampling : 4:2:0 Bit depth : 8 bits Scan type : Progressive Bits/(Pixel*Frame) : 0.184 Stream size : 523 MiB (93%) Writing library : XviD 1.0.1 (UTC 2004-06-05)