No I had different issues ie the aspect ratios were wrong and it was chopping too much off or it would not let me fast forward / rewind or skip to different parts of the m2ts file but translucent UI seemed fine.
Only thing I did find which I have not tried was to change the loopback processing for H264 on the FFMPEG section to Bi Dir for better quality or All but setting to All supposdly degrades quality of the video being played back.
I have mplayer extended and also the MplayerX as well as VLC and quicktime + perian
Using snow leopard ( 10.6.6 )

