VLC for Android™ plays most local video and audio files, as well as network streams (including adaptive streaming), DVD ISOs, like the desktop version of VLC. It also support disk shares.
All formats are supported, including MKV, MP4, AVI, MOV, Ogg, FLAC, TS, M2TS, Wv and AAC. All codecs are included with no separate downloads. It supports subtitles, Teletext and Closed Captions.
VLC for Android has a media library for audio and video files, and allows to browse folders directly.
VLC has support for multi-track audio and subtitles. It supports auto-rotation, aspect-ratio adjustments and gestures to control volume, brightness and seeking.
It also includes a widget for audio control, supports audio headsets control, cover art and a complete audio media library.