The VLC media player has been ported to run on the iPad by Applidium, with the blessing of the VLC developers.
"After several month of porting, we are proud to announce the release of VLC for the iPad," the Applidium press release said. "This application stands out for two reasons. First, it will be available for free on the AppStore. But that's not all. VLC is an OpenSource project. We are currently preparing our patches for submission to the main VLC tree. And obviously, we will release our current working tree when the app will hit the AppStore."
Applidium developers are hoping VLC will be available next week.