It's been quite a wait, but after months of speculation, and a lengthy wait for approval, VLC has hit Android in beta form. VideoLAN, the developer of the app, notes that the version is not stable, but it managed to play back our on-device content without issue. The beta is only for devices with an ARMv7 processor that supports the NEON engine (which, thankfully accounts for the vast majority of Android devices), but VideoLAN promises it will release separate applications to support a wider range of phones and tablets.
The release arrives complete with a basic widget that lets you play, pause, and skip tracks when using VLC to play music. You can grab VLC Beta for Android from the Google Play store now, but bear in mind that, according to VideoLAN, "it might kill your kitten, destroy your house, and start the Mayan apocalypse."
Update: It looks as though the beta isn't available through Google Play in the US yet. Luckily the team also has nightly builds available outside of Google's official store for a wide range of devices. As always, be aware that nightly builds are experimental and unstable — use at your own risk.
Update 2: VLC Beta (NEON version) is now available in the US Google Play store for devices running Android 2.1 or greater.