I'm having the same problem, it's starting to get kind of disturbing..
It happend when I upgraded the drivers I think, or maybe the player. hmm
I've got a GF2 MX400 right now. And I'm drawing the subtitles to the overlay.
EDIT: got it to work by disabling YV12-format, but hey.. I don't really want to disable it. YV12 is suppose to preform better , right?
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