Update: Sorry guys, looks like this is still the beta release. While the link appears to have been leaked, this version is not meant for the public and it should not be considered the big, official release for this app. Stay tuned for the official version, which should address many issues that people are experiencing.
Versatile media player VLC is now available publicly for Windows Phone. The app has been in private beta for some time now, but can now be downloaded by all users from the Windows Phone Store.
VLC is compatible with a large variety of video, including MKV and Ogg, as well as audio formats like FLAC and MPC. The interface is fairly straightforward, with several sections dedicated to your videos and music, as well as media found on any SD card you have inserted into your device. The app is, or course, free to download, and requires Windows Phone 8.1