Why install Shark007 codes when MPC can play everything?

I have always been installing the Shark007 Win7Codecs + x64 Components along with Media Player Classic - Home Cinema

Now I have formatted my laptop and didn't install anything yet and am starting to wonder myself. Why am I installing the Shark 007 codecs when Media Player Classic - Home Cinema can play any file you throw at it out of the box without the need to install any codecs?

Do these codes improve playback or what?

In the past, if you didn't have codecs a certain video/file might not play until WMP downloads the right codec for it. But the latest iterations of MPC-HC has everything built it to play any file

I am a n00b when it comes to these codes and stuff, someone please explain to me and guide me in the right direction of what shall I do next?

PS: I tend to like the enhancements in WMP like SRS and the WOW effect but I absolutely hate its interface specifically while in full screen, the seek bar is just too big and takes a few seconds to disappear when you hover your mouse away from it

 

Once for all:

Windows 7 Supported Audio/Video Formats

http://www.paraesthesia.com/archive/2009/11/04/windows-7-supported-audiovideo-formats.aspx
http://www.istartedsomething.com/20081115/windows-7-new-decoders-encoders-transcoding/

To make it short: Windows 7 support a LOT OF FORMATS. You DON'T NEED ANY CODEC PACK.
Codec Pack's are a bad idea and if you try to ask what's the best codec pack on Doom9 or VideoHelp (specialized video software websites) you will get banned and I'm not joking.

If you encounter some 'exotic' file format that Windows doesn't want to play download CodecInstaller

CodecInstaller reviews:
http://www.freewaregenius.com/2007/12/05/codecinstaller/
http://www.technibble.com/repair-tool-of-the-week-codecinstaller/
http://lifehacker.com/331006/play-any-video-type-with-codecinstaller