VLC Media player for Windows Phone has finally left beta and is now available for Windows Phone. The app was delayed multiple times due to certification issues and problems with store policies. However the app is now available to grab from the link below (for free):
VLC media player is a portable, free and open-source, cross-platform media player and streaming media server written by the VideoLAN project.
VLC media player supports most audio and video compression formats, files and streaming protocols.
This version is the fist beta of the port of VLC media player to the Windows Phone platform.
This is the first version of the port to Windows Phone.