The Overlay Mixer Renderer:
Still using the Video Overlay technology, this renderer allows access to Hardware Color Controls (Hue/Saturation/Brightness/Contrast/Gamma) to cards that support color controls in hardware. Some cards may support only a subset of the color control features (only Brightness for example). This renderer also support proper Aspect Ratio controls for formats that require it (VCD/SVCD/DVD/Etc...).
The downside to this renderer is that it can't fall back to Pure-CPU. If the Video Overlay is inaccessible, it just won't work. In Media Mode Zoom Player will fall back to the Standard Overlay Renderer if this is the case. In DVD Mode, you'll get an error saying that the Video Decoder is unable to connect to the Overlay Mixer.
Lastly, this rendering technology is not very good at screen captures.
The Video Mixing Renderer 7 (VMR7)
This renderer is a hybrid of the Video Overlay technology and the Direct3D technology. It is only available on Windows XP and has been superseded by the VMR9. This is the rendering technology used by the Microsoft Media Player versions 7-10.
By default this rendering technology uses the Video Overlay. However, if it is inaccessible, it can use Direct3D to some degree.
The downside to this renderer is that it doesn't give access to Color Controls and it's not very good at screen captures.
The Video Mixing Renderer 9 (VMR9)
This is the latest technology in Video Rendering. It's completely based on Direct3D, requires DirectX-9 and recent hardware to operate. It can potentially give the best image quality (depends on the rendering mode and the display card hardware). VMR9 gives access to hardware color controls (if the card supports it) but not to Gamma controls as Microsoft didn't include support for it. VMR9 also has the best Aspect Ratio controls.
VMR9 supports three distinct rendering modes:
VMR9: Windowed
This is the most basic mode. It is available for backward compatibility. It does not give you access to Frame Capturing. One thing about this mode is that there was a bug in Windows XP-SP1 and DirectX-9b which made this mode the only mode in which DVD Menu navigation works. With Windows XP-SP2 and DirectX-9c the DVD Menu navigation bug was fixed.
VMR9: Windowless
This mode is slightly more advanced than the Windowed mode and is the best mode in which to conduct screen captures.
VMR9: Renderless
This is the most complex VMR9 rendering mode. It can work in Direct3D exclusive mode which means the entire machine is set to fullscreen and no background application are allowed access to the video hardware. Under Direct3D Exclusive Mode, less CPU is required to play videos and depending on the resolution of the video, playback may be smoother. The downside is that in Direct3D Exclusive mode, your computer is wholly dedicated to video playback and you won't be able to perform any other tasks.