A new version of the ReClock DirectShow filter
is now available. ReClock gets rid of jerky playback for AVI/MPEG content (in a DirectShow based multimedia player) by locking the playback to your video card's hardware clock. The full changelog can be found on the software page.
ReClock DirectShow Filter 1.7b1 released - a DirectShow filter that will try to get rid of jerky playback of AVI and MPEG material