I have successfully ported MPlayer for android.
It should work on Android 1.6-2.3.
Try and post your device detail and feedback here. Once it gets confirmed that it is working on other devices I will upload it to market also.
1) Support all subtitle format.
2) Proper audio video sync.
3) Uses libfaad2 and libmad for aac and mp3 decoding.
4) Stream URL support
I have tested with gt540 2.1.
Updated Version [Many fixes including neon support]
If you have NEON capable device enable neon optimization from settings screen.
Download subtitle file and extract to /sdcard for osd and subtitles
Please donate it will help me to improve the player
Click Here to Donate