Some have even gone as far as to state that Sony's strategy of using MPEG-2 and uncompressed PCM audio on single-layer Blu-ray discs may have required too much video compression, resulting in early releases that don't match the sharpness of VC-1 encoded movies available on HD DVD.
But overall, I can recommend PeggyBank, whose name is a play on both "piggy bank" and on the names of the most common digital video, audio and photo file formats: MPEG and JPEG.
Of course in addition to emulating that massive library of 8-bit goodness, the PMP will also handle MP3, OGG, FLAC, and WAV audio, as well as AVI, MPEG-4 SP, XviD, and DivX video, which you can view on the player's 2.5-inch QVGA screen.