The VLC media player for Windows Phone was updated today to version 1.2.0. While there's no official change log, a Twitter post from the app's development team at VideoLAN says it has "numerous improvements and partial hardware decoding."
That's pretty much all we know about this update but the fact that the app can handle at least some hardware decoding shows there is some progress being made. VideoLAN recently launched a major update to the Windows 8.1 version that also includes support for Windows RT to make VLC a universal app.
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Source: VideoLAN (Twitter)