I'm confused because you said your player rejects the MTV formats, so I assumed that you had come to the conclusion that your player is supposed to play .mtv formats (based on product description as well). Now you're saying it has nothing to do with the .mtv format? Canyon-Tech's website URL that you sent says this "Video / Photo formats: MTV / JPG".
There are two different .MTV converters available. One format will play on one type of player (older Actions 3.X chipset players) and the other format will play on another type of player (I'm not entirely sure on the chipset as I don't that player). So to me, they are quite different because they using different chipsets.
Have you tried the MP3 Player Utilities? It has the .MTV converter on there too.
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