VLC from Videolan team is probably one of the best video players in term of supported formats and functionality (subtitles, network streams, multiple audio) for Windows and many other platforms. Videolan has recently announced on Twitter: “Android, here we come!”
Videolan VLC media player for Android featuresFull feature list, according to VLC site:
VLC media player for Android latest build (2012/06/25)If you are interested in bleeding edge release, we have freshly compiled the latest release and making the APK available.
These files an development versions and are not as stable and fast as the final release. If you want a stable version, please wait for Videolan VLC final release on Google Play Store, that should probably be announced in a few days.