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BS Player, MX Player and Dice Player should cover just abot anything you want to throw at them. Some have additional codecs that may need to be installed but all work great. Mobo Player is also decent.
I found this app recently its called ShareOn Video and can be found on the Android play store. But anyway I don't really know about codecs, but whats extremely cool about this app is that if you have a DLNA supported Television set you can select the TV you want to play it on then while the video is running on your phone you can watch it on your big screen.
You can also watch videos that are stored on your PC and watch them anywhere without downloading as long as your are connected to a network Wi-Fi, 3g, 4g and so on.
I use MCPlayer. MCPlayer is regarded as HD (high-definition) wireless streaming video player for all Android devices. It allows to stream videos right from your home network. Supports many formats like AVI, MPG/MPEG, MKV, WMV, MP4, ASF, GP, TS, MOV, M4V, FLV, 3GP, VOB and M2TS.
I've been using MX Player for years because no matter the format it seems to work. I also like how it has easy gestures for volume, brightness and ff/rw during playback.