I'm still not able to get this working. Here is the KB article on the Windows update StainlessS mentions (again it's 64 bit only).
http://support.microsoft.com/kb/2483177
I've also tried adding the Media Services role, but that doesn't add any of the MS mpeg filters or codecs.
I don't have to use DirectShow, I'm just looking for something that can open most video types. Has anyone gotten this to work on Windows Server 2003 or 2008 where the default codecs and filters are not setup?