Zodttd released an early build of VLC4iPhone.

Release notes:

As promised, I have released an early build of vlc4iphone v1.0.0 Beta. It is based on the latest stable release of VideoLan.org’s VLC, v0.9.2! Some core functionality is missing from it still.

If you would like to try out this version, please consider donating.

http://www.zodttd.com/forums/showthread.php?t=3867