After the release of VLC for iPad, VideoLAN has now released VLC player for iPhone and iPod Touch. It supports most of the video formats and comes with an easy to use interface. VLC is an open source app and Apple store lets you download it for free!

Download VLC Media Player for iPhone and iPod Touch

Once you have installed VLC, you can transfer your favorite videos to VLC player via iTunes. This app runs on iPhone 4, iPhone 3GS and iPod Touch. You can also delete files from this application, without having to go through iTunes!

Download VLC for iPhone and iPod Touch from here.