I've been here for years, so who's the newfag now?
bad subtitle support is the only thing ever mentioned, but I don't know of anything that does subtitles better. Better to have VLC do something poorly than other programs do it not at all.
Now, if you want some real criticsm of VLC, it has a large footprint and less developmental support. The interface needs work, too.
Now stop just being a goddam nerd raging along with everybody else like a sheep and actually look into things for once.