@nightflier
Desided to test and I am playing
http://download.blender.org/peach/bigbuckbunny_movies/big_buck_bunny_480p_surround-fix.avi in vlc 1.1.2 on a fresh install of VL7.0 32bit gold in Virtual Box, no problem.
Upgraded to 1.1.3 and tested it as well and that one had a missing video format mp4v.
Which made me think the problem must rest with the new vlc 1.1.3 and not ffmpeg.
So I did another test and used ffmpegs own player on the link and it worked, not great but it worked.
ffplay http://download.blender.org/peach/bigbuckbunny_movies/big_buck_bunny_480p_surround-fix.avi
Mplayer also had no problem with this video. So I'm thinking it is not a codec problem.
So in the end I think I'll have to pull my build of vlc 1.1.13 and play with it a bit. Don't know what has changed since I used the same SlackBuild as 1.1.12. Hope to find out.