ZodPlay (formerly vlc4iphone) is a port of the VLC media player (VideoLan Client) in beta for jailbroken Apple iPhone and iPod Touch devices, available as a freeware.

Key features of ZodPlay Media Player include:

+ File Browsing: File selection is no longer be restricted to any one folder/directory. You can browse and select media from any location on your device. Drag and drop support is also available.
+ Supported Audio and Video formats (codecs) include FLV, XviD, H264, MPEG4, 3GP, AAC, FLAC, MP3, MPEG2 and AVI. Future versions will support OGG, VCD, DivX, WMA, WMV & many other formats.
+ Volume control button
+ Subtitles support (untested)
+ Audio visualizer during audio playback.

Screenshots via iphonefreakz.com

Currently, ZodPlay is only available to ZodTTD.com Beta Testers but as more codecs get implemented and bugs get fixed, a public release will be made. Caution: this is a large application exceeding over 20MB in size.