Platform: iPad, iPhone
License: Free for personal use only
This is the software publisher's description.
VLC (initially VideoLAN Client) is a highly portable multimedia player for various audio and video formats, including MPEG-1, MPEG-2, MPEG-4, DivX, MP3, and OGG, as well as for DVDs, VCDs and various streaming protocols.
It also can be used as a server for unicast or multicast streams in IPv4 or IPv6 on a high-bandwidth network.
New features include faster decoding, a new rendering pipepline and, for Mac users, a brand new user-interface.
Note that this is the Android version and is still in the beta channel and isnt completely stable.