FripTV is a free, opensource, SDL based IP TV player.

Currently in alpha stage it runs on Windows XP and Linux, but the code is designed to be portable.
It supports MPEG2 and h264 transport streams. h264 support is provided through opensource ffmpeg library or commercial CoreAVC codec (Win32 only).
CoreAVC is world's fastest h264 software decoder, but ffmpeg is catching up (latest svn version supports PAFF interlaced streams!).

Latest release (0.20): download
Don't forget to read the README. If you need any help or want to help, drop me a note :-)

A h264 HDTV (1920x1080i) stream decoded by CoreAVC:

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