not in my case.
These settings work for me:
AVI container, DIVX codec (with
mobile profile) or XVID codec (this one works even better ^^), 320x240 resolution, 24fps, and a low bitrate (300 ~ 500kbps). The audio can be mp3@44Khz@128kpbs. It's nice for movies, live performances, etc....
I use VirtualDub to encode my videos

Offtopic: I got a brand new HT820 bluetooth headphones... good sound, better battery duration than S9's... but ZMPlayer doesn't use the bluetooth audio >.<'