and is there a particular advantage over another?

 

a. some have better quality with compression ie divx, xvid, etc
or
b some are more compatible ie wmv, mpeg1

 

because they use different algorithims

some are better for fast motion, some create sharper video that can be more choppy, some are better at higher bit rates, some are better at lower bit rates.

it's alot like having multiple tools that all can do the same thing (ratchets/impacts/wrench/vise grip) some are better than others in certain situations, and although one might be great in many situations another might be better in a certain situation, or even be required in that situation.

divx 3 and xvid are very fast encoding algorithms, so for streaming media that require smaller bit rates they are better.

windows media is an all around ok codec. but it taxes your computer.

in general mp3 is a good audio standard, generally fast encoding, is a great mix between speed (which is important in an audio codec so when streaming AV content the video has some play with processor load) and quality

VBR codecs provide the ability to be very flexible, providing high bit rate quality at mid-bitrate's and giving mid-quality at lower than mid bitrates.

 

i like the analogy :thumbup:

 

VLC player plays everything including BIN/CUE files of d/l'ed videos