VLC is one of the most popular media players around. We have been waiting forever for an official port to hit Android and the good news is that VLC has just released a BETA version of the Android port. The app is available to download right now from the Google Play Store. However, the servers are getting hit very hard right now as it took us a while to download the 7MB apk.
We had no problems playing a variety of media files. The app supports multi-track audio, subtitles, auto-rotation, aspect-ratio adjustments and gestures to control volume. It also includes a widget for volume control. The VLC Mobile Team has said that this version is NOT stable and will be slower than the final version. The basic UI will also change in the final version. You can download it here.