VLC Hits the iPhone
Heck. Freakin’. Yes.
VLC is one of the greatest pieces of media playing software around and it has been successfully ported to the iPhone!
Currently vlc4iphone is only been released to a select group of beta testers (ie. people who’ve given this guy money), but hopefully there will be a more public beta release soon.
Codec support is limited to MPEG / MPG, AVI, MP3. However, the developer (zodttd) is planning on adding support for FLAC, OGG, and is also looking into supporting VCD, DivX, WMA, WMV.