I tested a hd video fully decoded by hardware as it seems (Crest shows 0% usage for the player process) .
It uses the following codecs inside an mp4 container:
Video: h264 (High) (avc1 / 0x31637661), yuv420p, 1280x720 [SAR 1:1 DAR 16:9], 2002 kb/s, 23.98 fps, 23.98 tbr, 5994 tbn, 47.95 tbc
Audio: aac (mp4a / 0x6134706D), 44100 Hz, stereo, fltp, 127 kb/s

From that I guess also x264 encoded video should work fine aswell as faac encoded audio.