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Nope there is no app that does this, i wondered the same thing, and looked around, divx does have a mobile app, just not for the android yet. Not sure if they are even planning on it either, which i would imagine they are.
I agree. When I had my Treo a few years back, there was a free video app that you could install pretty much every codec known to man kind and play that video. Cannot remember the name, but it was great. I am hoping that we will get there with the Android OS. VLC looks promising if it brings to the Droid what it does to the computer. That would mean it would play 99% of codecs out there.