Microsoft received the Emmy award for Streaming Media Architectures and Components at the 58th Annual Technology & Engineering Emmy Awards.
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A tool to help in the troubleshooting of "codec hell" issues usually referenced is the GSpot Codec Information Appliance, which can be useful in determining what codec is used to render video files in AVI and other containers.
The DirectShow filters support all DirectShow applications (like Windows Media Player), not just Internet Explorer.