Fonts outside %WINDIR%\fonts aren't handled correctly
As noticed in: http://forum.videolan.org/viewtopic.php?f=14&t=93089#p315040
Under Win32, if fonts are located outside %WINDIR%\fonts, they won't work in VLC, because VLC adds %WINDIR%\fonts to folder path automatically. So e.g. fontfile is in C:\Program Files (x86)\Videotools\Smart Cutter\DefArial.ttf but VLC passes C:\Windows\Fonts\C:\Program Files (x86)\Videotools\Smart Cutter\DefArial.ttf to freetype, which causes issues.
Message log example
freetype debug: Using Arial as font from file C:\Windows\Fonts\C:\Program Files (x86)\Videotools\Smart Cutter\DefArial.ttf
freetype error: failed to load font file C:\Windows\Fonts\C:\Program Files (x86)\Videotools\Smart Cutter\DefArial.ttf
main debug: no text renderer module matching "freetype" could be loaded