M2TS (MPEG-2 Transport Stream) is a Blu-ray BDAV container format that uses MPEG-2 transport stream and comes with a .m2ts filename extension. It can manipulate audio, video, and other metadata such as disc menu and subtitles. At a bare minimum, any Blu-ray player should play M2TS files easily.
ASF (Advanced Systems Format) is a digital multimedia format designed to save and open content online. It is the primary container for Windows Media Video and Windows Media Audio content. Today, ASF supports smooth playback on HTTP servers, media servers, and local storage with programs like Windows Media Player.