Okay - I finally tested mkv playback in Windows 7, and I guarantee you that the DSM-750 needs a firmware update.
Yes, if you install DivX, you will be able to play mkvs on the DSM-750 in Media Centre mode. But yes, they are being transcoded by Windows 7, because Windows 7 clearly does not know that the 750 can actually play mkvs.
I have tested a number of mkvs - some that I have downloaded, some that I have created myself. (As a note, I did come across one or two that just have black screens with audio - they were downloaded, and I'm not concerned about making them work). Just so that we're all testing the same files, I recommend grabbing any of these:
http://www.divx.com/en/downloads/divx-7-showcase
If you have a powerful enough machine, it will do a decent job of transcoding them. On a slower machine the blockiness will be really obvious. But I guarantee that they are being transcoded. Just look at the details and tell me if they are as clear and sharp as they are on the computer.
So to get back to an old post of mine, I called D-Link some months ago to report this issue, and they responded that they are aware of the problem, and that it would be addressed in a firmware update. Basically, the DSM-750 needs to tell Windows 7 that it can handle H264/AAC MKV files, so that Windows 7 won't transcode. So, ECF, do you have a way of finding out when this firmware update will arrive?