Update July 2nd, 2012, VLC Beta “Neon Version” is now available to download from the Google Play Store. Follow this link. Currently it will play audio and video files, support multi-track audio and subtitles, auto-rotation, aspect ration adjustments and gestures to control volume. The beta will also include a widget for audio control, supports audio headsets control, and more!
Your favorite media player is coming to Android! VideoLan has announced that VLC Media Player will be making Android début soon. Hopefully as with the MAC and PC versions, it should be able to play just about any media format you throw at it. Currently you can get the app for Android but we warn you, it is still in beta stages.
Android, here we come!
— VideoLAN (@videolan) June 18, 2012