Most importantly, the Media Player finally brings MKV support, a feature I have personally been asking Sony for since the launch of the PlayStation 3.
Here is the full codec list supported:
Video
MKV
Visual: H.264/MPEG-4 AVC High Profile Level4.2
Audio: MP3, AAC LC, AC-3 (Dolby Digital)
AVI
Visual: MPEG4 ASP, H.264/MPEG-4 AVC High Profile Level4.2
Audio: MP3, AAC LC, AC-3 (Dolby Digital)
MP4
Visual: H.264/MPEG-4 AVC High Profile Level4.2
Audio: AAC LC, AC-3 (Dolby Digital)
MPEG-2 TS
Visual: H.264/MPEG-4 AVC High Profile Level4.2, MPEG2 Visual
Audio: MP2 (MPEG2 Audio Layer 2), AAC LC, AC-3(Dolby Digital)
AVCHD: (.m2ts, .mts)
Photo
JPEG (based on DCF 2.0/Exif 2.21)
BMP
PNG
Music
MP3
AAC (M4A)
Sony confirmed the Media Player was one of the most requested features for the console, and the app is available now.