Vlc is my favorite player and has stood by my side many times in the past. After the upgrade on Leopard, adopted a strange behavior, so when it came to Greek subtitles encoding, the application adopted some assumptions on the proper encoding character-set, which just weren’t right.

Solution:

Type 88, and goto preferences->Input/Codecs->Other codecs -> Subtitle and set field Subtitles Text Encoding to ISO-8859-7. So simple as that. Now you may enjoy endless Lost/PBreak/Heroes/IT Crowd episodes with the proper subtitles in Greek.