The announcement and download link are here: http://forum.dvdfab.com/showthread.php?t=16722 This is targeted at blu ray playback, and is based on the open source XBMC.
I've done a bit of testing with it, and so far the results are a little disappointing. But it is the initial release, and they rightly call it a beta version.
Playing from an ISO on the hard drive, or from blu ray folders on the hard drive, the player does ok. Not as good as Media Player Classic HomeCinema, or TMT3, but a reasonably good output from a beta software.
Playing from the disk, DVDFab Media Player simply doesn't work well. In action sequences, it looked like a fast slideshow.
And it has a few quirks. The player cannot handle dvd video, either from a disk or ripped files. It can, however, playback individual .vob files, avi files and mkv files. And if you test it and want to turn off subtitles, look under Audio. Who knows why, but that's where the control is.
There is a 60 day trial period for the software, after which you can no longer play directly from a disk without purchasing the program. But even if you don't want to buy it, the player retains the ability to play blu ray ripped to the hard drive, in ISO or file format.
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No, it doesn't have blu ray menu support. It will give you a selection of playlists, so it is possible to find the ones with commentary if you want that.
This is the only commercial program I've seen that lacks blu ray menu support, and as such, is not a great choice. DVDFab Media Player does have the ability to play ISO files directly, but it is hardly an overwhelming selling point.
MPCH is better from ripped files, and TMT3 or TMT5 are very much superior from disks or from files on the hard drive. DVDFab has some work to do on this player to make it competitive.