Raspberry Pi has H.264 licenses available. What does that mean though -- VLC claims to be able to play H.264 and VC-1 though, yet I see a lot of people advising against turning Raspberry Pi into a blueray player.
GPU decoding on GNU/Linux, using VAAPI for H.264, VC-1 and MPEG-2
My question is just simply if I buy Raspberry Pi and an external USB Bluray drive should I expect that it will play back Blueray disks? Should the performance be reasonable? Will it play both H.264 and VC-1 disks? Are there any other types of disk such a configuration would not play?