bsplayer is a... player
it offers features such as playlist, subtitles rendering etc but basically it can't render audio/video just by itself.
it needs decoders for various encoding types.
the divx bundle you can get on divx.com contains both an encoder and a decoder;
you can find xvid builds that will contain both an encoder and a decoder...
ffdshow is a decoder (it offers some other features like image resizing etc but basically it's a decoder) which is able to decode many encoding types.
in the picture above you see every type of video supported by this particular ffdshow build;
checked are those that ffdshow actually decodes on my system;
if I play some content that uses a codec not checked here, my system will look for another decoder
so we've got (more or less):
video --> ffdshow [decodes] --> bsplayer [displays]
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