I recently purchased a new Panasonic BDT210 Bluray player. It's fantastic. It does 3D (not that I have a television to support it) and plays everything and sound great.
However. I tried to fire up the DLNA Client with my Twonky Media Server. Fail. Even setting it to the correct profile didn't seem to keep it happy. I placed the ffmpeg binaries into c:\ffmpeg and enabled transcoding on the web server. Still, nothing.
Then I found Serviio (http://www.serviio.org)
After binding it to the correct port and giving it a reset, the player saw it. Then, I set the profile to the 'Sony Bravia' and enabled transcoding on both cores.
Tada! Serviio has ffmpeg built-in and does the transcoding to MPEG2 which is what the Panasonic BDT210 supports. I imagine with enough tinkering this would also enable you to do the same with TVersity or similar but Serviio just worked straight out the box.