MP4 is the file container for h.264 encodes. Due to how new it is, there's really not much of a choice: you need to use FFDShow, or you can use the video player VLC. The more valid question, then, would be "what build of FFDShow is best?" in which case the answer is really dependent on your hardware configuration and how comfortable you are with adjusting settings.
As of now, there is no codec you can use to decode h.264. x.264 is purely for encoding it as I understand it; to be able to use it for playback takes a lot of work if it can be done at all.
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