CCCP is the best.
K-lite is terrible, and while VCP may be up to date, its not bug free. give it another 6 months and i'm sure it will be one of the best out there, if not the best - but when i tried it, i got a hosed OS that wouldnt boot for my trouble (approx 6 months ago)
Theres only one real rule: always, always reboot the machine after uninstalling one codec pack, before installing the new one. The only times i've seen CCCP suck is when people uninstall K-lite and install CCCP without rebooting.
CCCP does subtitles fine, there is just a bug with haali media splitter and windows 7 (and possibly your server 2008)- add directvobsub as a preferred filter in "external filters" in MPC-HC's options.