I downloaded sample video files from SLR Panasonic DMC-GH1.

http://av.watch.impress.co.jp/docs/series/zooma/20090507_167999.html

Camera records in AVCHD up to 17Mbps fullHD videos.
All files from this website are ok except playback of Full HD 00014.MTS(16.2MB) file.

PowerDVD 7.3 BD edition - nothing.
VLC - nothing.
MPC HC - nothing.
the only player that plays this AVCHD file is Splash beta 2.
It plays video but it is not smooth. Even with hardware acceleration is not smooth.
is it something wrong with this video file? Its only 17Mbps FullHD and my PC plays (with splash beta) smoothly hardcore AVCHD from canon 5d MKII (36Mbps). Anybody played it with success?

on the other hand the quality of video from this panasonic DMC-GH1 is not very good (based on samples from av.watch)

edit: KMplayer plays only audio. no video :/