Plays all files, in all formats, like the classic VLC.
Audio and video media library, with full search.
Support for network streams, including HLS.
Supports Android from version 2.1 (platform-7).
Supports ARMv6, ARMv7 and ARMv7+NEON.
Supports secondary display.
Subtitles support, embedded and external, including ASS and DVD subtitles.
Multi audio or subtitles tracks selection.
Multi-core decoding, for Cortex-A7 A9 and A15 chips.
Supports full hardware decoding.
Gestures, headphones control.
For those of us that live in the US downloading from the Play Store is not an option but you can download the apk from VideoLan here. Tap on the version you want , the latest one at the moment is v.0.9.3, then "armv7" then "VLC. apk." There is also an x86 version for those that need that. The direct download link for the apk is "http://get.videolan.org/vlc-android/0.9.3/armv7/VLC.apk."
I want to shout out a huge Thank You to @Stryder5, @VivaErBetis and @hrishi420 over on the Nexus 4 VLC thread for keeping me up to date!!!