Video tracks now have their colorspace set based on the size of the video.
The Longer Version: I have Perian 1.2 installed on a G5 (PPC) running OS X 10.5.8. It is connected to a calibrated LCD HD TV. I am playing mkv files encoded with X.264 and AAC audio. When I play TV shows (30-60 min programs, 720p, 500MB-1GB) using Front Row or Quicktime, they are dark, muddy, and over saturated. When I play those same videos in VLC, they look fine.
But, the problem doesn't seem to affect movies. All of the movies (>60 min, 720p,>1GB) I have tested look fine.
If I revert to the previous version of Perian, it looks fine. When I reinstall Perian 1.2, the problem comes back.
Mac OS X 10.5.8
Power Mac G5 Dual 2 GHz/3.5 GB RAM
42-in Toshiba Regza HD LCD TV (calibrated)