I'll try to answer your questions....
If I'm not wrong all Hi-Def players (i.e. Blu-Ray, HD-DVD) couldn't play VCD. Even the hi-end SD-DVD players (e.g Oppo 983) doesn't play VCD too.
Edit: Oppo 983 can play VCD. Thanks to Darthfunk's verification :)
As to which Blu-Ray players can play SD DVDs from all regions (i.e. region free)....
1) Samsung 1400 (may need firmware upgrade if it isn't region free out of the box)
2) Pioneer BDP-LX70 (an expensive player though)
My parents complains that why my so call "hi-end" player couldn't even play VCD :-\. Why sooo "lousy" :-[ I've got a hard time explaining to them. Even till today, they are still complaining cos they have lots of HK & Taiwan serials passed over from friends/relatives and most importantly wedding VCD of my sibilngs/relatives.