nPlayer, so you don't have to convert video.
https://itunes.apple.com/ca/app/nplayer/id539397400?mt=8
Only problem is DTS isn't supported, and it costs $5. However, it's nicer than vlc, and streaming over the network is easier and slicker.
AirVideo requires an AirVideo server computer (and won't work from the NAS without the computer).AirVideo?
AirVideo requires an AirVideo server computer (and won't work from the NAS without the computer).
Note that there are some NASes out there that will do transcoding on the fly by themselves, with no AirVideo or computer required.