MoboPlayer, RockPlayer, VPlayer, and other Android video players have some new competition in town, and look - it doesn't look entirely like crap!
MX VideoPlayer is free (ad-supported) and comes with 3 codec packs, depending on your architecture.
Support for Tegra 2 and ARM with Neon instructions is provided by one of such codec packs, so the player should work wonderfully on newer phones and tablets.
Check out the file formats supported below and jump to the Market description for more details.
MX VideoPlayer is the most advanced video player currently available on the Android platform.
It plays almost every movie file including .3gp .avi .divx .f4v .flv .mkv .mp4 .mpeg .mov .vob .wmv .webm .xvid and more, with niche user interface.
Also it reads most of widely used subtitle files including .srt .ssa .ass .sub .smi .mpl .txt .psb and Matroska subtitle track(mkv).
And with its unique Subtitle Scrolling feature you can easily move between subtitle texts.