VLC is a cross-platform media player, which supports almost all kinds of media formats. The good news for Apple iPhone or iPod Touch users is that VLC is now being ported for iPhone as well as iPod Touch. VLC4iPhone app is currently in its beta phase, and you can be a part of their private beta, if you are a donating member of ZodTTD.
iPhoneFreakz managed to get some screenshots of the app running, and it certainly looks promising to say the least:
Just like VLC, VLC4iPhone supports variety of media formats including MPEG/MPG, MPEG2, MPEG4, AVI, MP3, XviD, h264, FLAC, 3GP and more. This app can be truly handy, if you watch lots of videos on your iPhone. Since most video formats are already support by the player, you no longer need to re-encode them, so that it’s playable on your device.
I’m positive that VLC4iPhone will be a huge hit, when App Store is launched. In the meantime, if you need to install VLC4iPhone on your device, you need a jailbroken iPhone or iPod Touch (and some cash to donate for the cause).

wrote, on June 9th, 2008
Very hi-tech phone. Definitely a must have.
wrote, on June 9th, 2008
Where will it all end? When will we have time to just pause and smell the flowers?
wrote, on June 9th, 2008
@Nicole
If wish to smell the flowers they can put down their iPhone and do so. I on the other hand love technology and feel that it gives me more time to “smell the flowers” because it makes me more efficient.
This is great news since VLC is one of the best players I’ve come across.
wrote, on June 10th, 2008
I traded in WMP for VLC a long long time ago (when I need to play MP4 files I think). Having it for my iPhone would be just awesome.
wrote, on June 19th, 2008
This will quite a handy application for the iPhone once its released!
I like how you only need to install just one media player instead of like a gazillion!