VLC is a free and open source multimedia player. It reads almost every video file, yet it’s very powerful and simple to use, but…… it is about to be pulled from the App Store due to a formal copyright complaint being issued against the software by one of the individual contributors to the VLC project.
"Today, a formal notification of copyright infringement was sent to Apple Inc. regarding distribution of the VLC media player for iPad, iPhone and iPod Touch. VLC media player is free software licensed solely under the terms of the open source GNU General Public License (a.k.a. GPL). Those terms are contradicted by the products usage rules of the AppStore through which Apple delivers applications to users of its mobile devices"
At the present time the app is still available in the app store, but I can’t see it lasting the day. I would suggest you head over there pretty quickly and download it before it’s taken down.