The VLC media player for iPad is now approved by Apple and is now available in the App Store. And yes, its available for free as always.
VLC media player is probably the best multimedia player out there with support for almost all codecs and streaming protocols. Its also very extensible with plugins support.
Another great feature of VLC is that it can play damaged media files easily. It simply reads and playbacks the media information that is intact in the media file.
VLC Media Player For iPad would save a lot of time as its possible now to play almost any media file on iPad without converting and optimizing them for iTunes.
The VLC media player app for iPad Requires iPhone OS 3.2 or later.
To play videos with VLC media player on iPad, connect iPad to your computer and open iTunes. Select your iPad as your device, click the APPS tab, scroll down and click the VLC app under File Sharing. Now drag and drop files or click the Add button and choose the files you want on iPad. Files will then be synced automatically.