No need for a sub-par video player. AirVLC controls the awesome VLC video player that you already know and love. Make sure you download VLC before getting started.
AirPlay causes a delay in the audio, which makes videos unwatchable. AirVLC helps to overcome that by setting the correct delay, based on your setup.
Mountain Lion, Mavericks and Yosemite support streaming to a single AirPlay speaker out of the box. Do you have multiple speakers or are you on Snow Leopard or Lion? Try Porthole!
This means you can watch any .avi, .mkv, .mp4 you have, but it also works with YouTube, Vimeo and quite a few other online videos. Drag a link from your browser onto AirVLC and you're done!
Select files on your Mac and drag them all over to AirVLC. If you select multiple files, VLC will automatically put them in a playlist.
The same goes for online videos. Just drag the thumbnail or link onto AirVLC and it'll handle the rest.
Do you have multiple AirPlay speakers? Experience your movie throughout your entire house, playing in sync via every AirPlay ouput!
Porthole also enables you to AirPlay even if you're on OS X Snow Leopard or Lion.