As you know VLC is the best, free and open source cross-platform multimedia player and framework that plays most multimedia files and various streaming protocols. The same best media player is now available in Play store / Android Market for your Android Smartphone and tablet. The available VLC is a BETA version of the port to the popular Android platform.
Here is the brief description of the feature set of the VLC player for android:
1. Plays almost all video and audio formats now available and also will do network streaming as in the desktop version.
2. Can browse folders and have a media library for audio and video files.
3. Supports auto-rotation, aspect-ratio adjustments and gesture based volume control.
4. The new VLC will support multi-track audio and subtitles and supports audio headsets control.
5. Also provides Widget based audio controls.
Download link from Play store / Android Market: