I've used smplayer with mplayer2 for quite some time now. That combination became the default Ubuntu configuration around 12.04 (Precise Pangolin) or so. Before that I compiled mplayer2 from source. I preferred it over stock mplayer because it had better support for Matroska ordered chapters and ASS subs. Now I just install smplayer with apt-get, and it pulls in mplayer2 as a dependency.
Smplayer doesn't care which mplayer you are using as long as you specify the correct path to the executable in Options > Preferences > General.
Smplayer/mplayer2 has played every anime file I have up to 10-bit color 1080p Blu-ray rips. It handles stylized subs perfectly, too. I don't see any reason to change to another player.
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