VLC is one of those tools that's in every geek's toolbox. The video player that supports every video format known to man still doesn't have an official, finished Android version, though. In the meantime, however, developer cvpcs, has done us all the courtesy of setting up an hourly build server for the alpha of VLC for Android.
The builds come in both NEON and non-NEON flavors. So, folks with older phones, or devices with the Tegra 2, for example, should probably download the non-NEON version.