I dunno, external subtitles work for me in Feisty's version and svn. I believe this has been fixed by now.
** Changed in: mplayer (Ubuntu) Status: Needs Info => Fix Released -- mplayer doesn't load subtitles https://launchpad.net/bugs/62645 -- ubuntu-bugs mailing list ubuntu-bugs@lists.ubuntu.com https://lists.ubuntu.com/mailman/listinfo/ubuntu-bugs