I have no doubt that even for Windows 8 Metro, VLC Player will be developed as an App. This should allow playback of most video formats.
Tablets do not have optical drives, so Media Center beyond streams, downloads and Libraries would be a complete non-issue for these devices.
On a laptop, Ultrabook, or Desktop PC, where full x86/x64 programs can be run, VLC Player does the playback for all types of media, with DVD codecs available, while CDBurnerXP (More Options Link for an adware-free installer) will burn almost anything to a CD or DVD. While Windows 8 versions of VLC Player and CDBurnerXP have yet to be announced, I am confident they will be developed. Only the most casual "computer as appliance" users would have difficulty downloading, installing and using these two programs. Organizing music and video Libraries will still be available as native Windows Libraries in Wndows 8, all versions (possibly except the tablet-only RT version).
What Sinofsky and Company seem to want to do is entice RT users to pay $50.00 per year (for App Store access), plus an additional per-App fee, to get the Media Center features which Pro users can add for a single fee. Either way, there is a cashflow motive. Media downloads and streaming content will cost extra for nearly everyone who wants commercial content.
Personally, I think a full dual-boot installation of Windows 8 Pro without MS Media Center might be in my future -- someday. I would use it as a desktop OS, with VLC Player and either an updated Toshiba media burning utility, or else something like the Minimal Installation of CDBurnerXP. Even as Windows 7 Legacy Apps, these are good programs and work well in Windows 8 CP. As I said, Libraries and organization utilities are either built-in or free to obtain. If a utility organizes your media files under Windows 7, it will work in Windows 8 Pro, generally.
And when it comes to transferring media files or whole Libraries between storage devices, Windows 8 has built-in tools and a visual presentation which run circles around Windows 7, in my experience.




