It's certainly been a long time coming, but VLC for Android is finally in a fully fleshed out and functional form. The folks at Videolabs tweaked the media player app enough to take it out of beta and offer it as a finished product in the Google Play Store. Here's the description,
VLC media player is a free and open source cross-platform multimedia player that plays most multimedia files as well as discs, devices, and network streaming protocols.
This is a BETA version of the port of VLC media player to the Android™ platform. It plays both audio and video.
It is intended for everyone, but this version is not perfectly stable.
It is still a beta, so it might kill your kitten or destroy your house, but it should be mostly fine now.
Use it at your own risk. Have fun!
NOTA BENE
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This version is for devices with an ARMv7 CPU or a x86 CPU. ARMv6 devices will be supported in a future release.
Features
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VLC for Android™ plays most local video and audio files, as well as network streams (including adaptive streaming), DVD ISOs, like the desktop version of VLC.
VLC for Android has a media library for audio and video files, and allows to browse folders directly.
VLC has support for multi-track audio and subtitles. It supports auto-rotation, aspect-ratio adjustments and gestures to control volume and brightness.
It also includes a widget for audio control, supports audio headsets control, cover art and a complete audio media library.
It's available for free on the Google Play Store here: VLC for Android - Android Apps on Google Play