I haven't met a single person that wanted to stream anime regulary, and seeing that neither mpc nor zp support streaming either, I'd say that's a pretty irrelevant feature. It looks to me like you developed some obsessive compulsive disorder about VLC, but I'm pretty sure that VLC simply works for a great amount of people (unless certain people actively exploit bugs in the subtitle rendering engine). And if the summer of code project is successful, that will be fixed. Yes, VLC probably has a lot of bugs that if you want to exploit them, you can, but they have little relevance in real world situations (at least from my experience).
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MPlayer could be close if it had a better GUI, but it suffers from the same problem as VLC does: not working with any other Directshow/VfW apps.
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According to many posts in the playback forum, mplayer works quite well together with coreavc, a dshow app.
CU,
lamer_de