A fantastic alternative is Plex (no affiliation). You can host your media on your own computer and watch it anywhere. Plex handles all the network nonsense (no ports to forward, etc...). Depending on the filetype and what your device can play, plex will either transcode on the fly seamlessly or just stream the exact original file.

Downside is you have to have a computer that is always on, connected, and potentially unusable for other purposes when transcoding. In my case it's a Acer Revo HTPC connected to the living room TV.