I am getting this same problem. I installed vlc using the yum install vid... command. I am able to play video without any problem, but it would not load the srt file. I use vlc in gnome. I click, "File>open file>. In the open field, I open the video file while the "Use a subtitles file" is checked. Below it, I have the srt fill loaded. I end off clicking OK.

NOTHING.

I can not make subtitles work!!!