Two weeks developer Applidium released VLC for iPad, a native iOS version of the popular open-source media player VLC. The iPad app is free, and it gained a lot of visibility and press coverage following its release in the App Store. It stayed at the top of Free Apps charts for many days, despite some compatibility problems with certain file types and crashes on iPads running more advanced versions of iOS - namely iOS 4.2 beta.
Applidium has now confirmed that VLC is coming to the iPhone as well. All we have now is a screenshot (check it out below); the app UI looks pretty similar to the iPad one. The app will likely be free, and I guess the iPad version will be updated to include iPhone support as universal application.
Look for it soon in the App Store.