VLC is by far the BEST media playing application, ever.
I've used it for years on Windows and I have to admit, I was a little jealous when it first came out on the iPad. While the beta for Android is still closed, they have made great strides in regards to their video and audio outputs recently. It's still unknown how much time they will need to get to a public beta at this point, but I sure hope to be one of the people to help out.
Check out the gallery below to see some pics of it in action. Since this app isn't available for us to try yet, what are you guys using for media playback currently? Let us know in the comments!