As reported by Mac4Ever (via MacRumors), developer Applidium has created a VLC media player app for the iPad. The app was created with the support of VideoLan, the non-profit organization that creates free and open source media software.
The app has already been submitted to Apple for approval and will be free at release. In its first versions, functionality is expected to be fairly basic though it is expected to evolve over time.
The VLC media player software plays most video formats and media codecs and is available for free for multiple platforms, and the source code is also freely available on the organization’s site.