My preferred way is ffplay(1). Last time I checked I get lower latencies than OBS at that, at least when I use `-sws_flags fast_bilinear`, which is the same scaling OBS uses by default.
Edit: ffplay doesn't support cropping the output to fit my display (or if it does, it's far too arcane for me). As composable as ffmpeg is, it's awful UX for me. I'll stick to OBS.