OneThirty8 posted the news in our forums:

I’ve just released an updated version of my VCD/MPEG player.

THIS PLAYER PLAYS:
(S)VCD
MPEG-1 and MPEG-2 program streams (*.mpg, *.mpeg)
MPEG-1 and MPEG-2 elementary video streams (*.m1v, *.m2v)
MPEG elementary audio streams (*.mp1, *.mp2, *.mp3)
Dreamcast Sofdec movies (*.sfd untested and won’t play audio)
Playstation2 pss movies (*.pss barely tested and won’t play audio–this may change)

I released a version of this player sometime last summer numbered 0.1. The current version is 0.1a.

New in VC/DC 0.1a:
-No longer has horrible sound.
-Support for ID3 tags in MP3 files.
-Fast-Forward actually works.
-You’re now able to replay a VCD without opening your Dreamcast’s lid by pressing Start.

Get it here.