Eugene of Elecard emailed me that there are plans to support Winamp NSV files "in the future".
Winamp itself is very poor at playing NSV files coded with x264/H264.
Other options (MPLAYER with its various front ends, VideoLAN Client aka VLC) do a very limited job of handling NSV files in general, and H264 encodes in particular.
Elecard could put itself to the front of the pack it seems The video is rock solid, while Winamp frequently crashes (C++ Runtime assertion errors). Only the AAC audio does not play.
Latest AVC plugin dated 2006-03-15 does not change this. Shame!
If you fix this, I will HAPPILY pay $35 for player + H264 AVC plugin.
With Winamp, you get what you (don't) pay for.