If you’re looking for a great Android video player with support for tons of formats, yxflash Player is the way to go. The software has just reached version 1.3.1 and it comes with support for subtitles and formats like MPEG 1/2/4, H.264 BP, DivX/Xvid, FLV1 and WMV7/8/9.
You can either try the app or buy it from here for $9.9, but you have to know that this software doesn’t support Flash video streaming over the web (YouTube, Hulu etc). yxflash Player also provides support for network streaming (http, ftp, mms etc), it plays MP3s, AAC, WMA, AC3 and PCM files, among others.
It benefits from Armv7 Neon acceleration and up to 720p DivX playback for Cortex-A8 based devices. This player will work on handsets that run Android in the following versions: 1.5, 1.6, 2.0 and 2.1. Here’s a list of the phones that support xyflash: HTC G1 Dream, HTC G2 Magic, HTC G3 Hero, Samsung Galaxy i7500, Motorola Droid, Motorola XT720, Acer Liquid, Nexus One.
A guide on how to use yxflash for Android is available over here.