I've just checked out (using SVN) and built the latest source of Media Player Classic Home Cinema using Visual Studio 2008. The instructions were good, but I had to make a few modifications.

I followed instructions at:

Part A.3
Didn't explicitly install ATL update. I suspect it was covered in Windows Update (by 30/12/2009).

Part B
Installed in-a-box version of MinGW from:
This boxed version automatically creates the necessary environment variables. It does create them correctly, even if you change the install path of MinGW as I did.

Part C.5
Layout of MinGW was slightly different so set "Additional Library Directories" to: