I would recommend __against__ CCCP and any other codec packs. Codec packs in general are pieces of software ripped from the original installs and put together in ways the orignal author didn't expect. Thus it will crap out with a high probability (or even if not, it will create all kinds of issues like consuming CPU / memory for no good reason, Explorer crashing when trying to generate previews, etc).
In addition, using those codecs without the original install kit is against the license in almost all cases (just because "you can download it freely" doesn't mean you can redistribute it). Finally, many codec packs are infected by malware (although CCCP might not be, I have no experience with it).
I've been running CCCP for years (I think at least 5 or so), on multiple computers, and have never had issues with CCCP. The only reason I have to update is for codec features, like hi10p.
I agree with your comment on licensing. I haven't ever looked into CCCP's reuse of codecs.
CCCP was created exactly because other codec packs had all of the problems you're referring to, so that various anime fansub groups had an alternative they could direct people to. The developers have always been quite careful about licensing and not breaking stuff.
In addition, using those codecs without the original install kit is against the license in almost all cases (just because "you can download it freely" doesn't mean you can redistribute it). Finally, many codec packs are infected by malware (although CCCP might not be, I have no experience with it).
In summary: - Use VLC - If not, use http://ffdshow-tryout.sourceforge.net/ which is not dead - Alternatively you could try out LAV filters which I learned about from the parent - https://code.google.com/p/lavfilters/ - haven't used it, don't know how good (or not) it is
Never, ever use codec packs.