I've been using my Centro for about 3 weeks, and I just absolute love it. It's much better than the Treo 650 I had previously.
There is a freeware program called TPCMP (The Pocket Core Media Player) that plays just about anything you throw at it, including Divx. It has become commercialware called CorePlayer, which can even play more audio/video/container formats. It also has built-in YouTube support with a direct link. And also will play internet streaming radio.
It supposedly has built-in A2DP (stereo bluetooth) capabilities, which the Centro does not have natively. This I haven't tried.