VLC plays a video black and white I have an MTS file recorded from my Lumix GX1. Before I reinstalled OSX 10.8 I could play these videos fine in VLC, however now they're in black and white (not greyscale, just black or white).

When I upload them to YouTube they seem fine! What codec am I missing?
I had the same problem. Came across my video effects that I had set in VLC. If mine were enable, the picture was black and white, as in, sharp black and white. I disabled them and the picture was back to normal. Try messing with them to see if that helps.