@yeeeoww and PT - From what I can work out there is NO way to get around that re-conversion if you use QuickTime Player X for your playback. The only way to avoid that is to set the file properties to playback with the QuickTime 7.6.6.
Let me clarify: NONE of the codecs will work with QuickTime Player X - it only accepts the 64-bit code now, and few, if any, of the current codecs are that.
QT 7.6.6 is a 32-bit player as are the codecs. THOSE will work without issue and your older files will play.
What is happening is that the older formats are being deprecated and will eventually be abandoned as the newer 64-bit processors and codecs are designed to be more energy efficient for the mobile platforms that the ENTIRE computer industry - not just Apple - is moving towards.
The fact that Apple is holding their new AV core rendering close - where the QTX is 'nested' into the system, whereas QT 7 is not - and not letting third-party developers in on it also speaks to security issues for the mobile 'always-on' future that is coming.
If you aren't willing to slog through a reconversion on every video and just want to enjoy what you already have, and NOT have to wait, open a Get Info window on the file you want, set the Open With to be QT 7 so your system will default to the older QuickTime and use that. You can set it for one file or ALL of the same type.
With the codecs in the list I put up and Perian installed in your System Preferences with the sound output set correctly, you shouldn't have any issues.
Thing is, it seems to be a gamble on which files wortk in QuickLook and which ones do not. So far on my system with QuickTime 7 with the Pro key installed, NONE of my video works in QuickLook - which is fine as I never used it to begin with!
The thing to consider is that QT 7 and those older formats are on borrowed time, (as they ARE 32-bit and we're into 64-bit now) eventually the nature of the mobile processing and newer codecs will mean many videos will cease to work unless you have reconverted the files.
I think that forcing everyone to do this ALL at once with the new upgrade is a bit pushy on Apple's part.
Let's face it, not every video you or I may have will be worth converting and to force this automatically, when in many instances it may *double* the file size is a bit heavyhanded and unnecessary.
At least with the QT 7 in, you DO have the option to just watch the videos you want without having to jump through any hoops and if you use the QT X it will convert them at that time..