Presumably, you might want DirectShow codecs for use in something else. VLC is just a binary blob; you can't harness its power to do, say, batch watermark insertion.
Installing separate decoders for every single format is just dumb and a waste of time. Something like LAV Filters will handle pretty much everything you throw at it, and on top of that you just need a media player like MPC-HC and a decent subtitle renderer like xy-vsfilter. Incidentally, this is pretty much exactly what CCCP gives you with a simple single installer.
At this point, I think the only codec CCCP installs by default is LAV, and it may not even include any other codecs anymore; it's called a codec pack mostly for historical reasons. The main advantage of CCCP is that it has sensible default settings and a good configuration app. It also installs various non-codec DirectShow filters for stuff like subtitle support.
Gabest's FLV Splitter is a FLV decoder. Personally I do not think 2 codecs are commonly understood as a codec pack but HN strongly disagrees.
The funny thing is that when people complain about codec packs in general it's that they bloat your system with tons of codecs you do not need, not that you get one codec for nearly everything and one for FLV.
