The iPhone is, at this point, effectively an open platform. And if I were to get one, I would try to fill it with all my favorite ported open source software, despite the upcoming app store. VLC is one of my favorite applications — period.
As we mentioned a week ago, VLC is being ported to the iPhone . This means support for just about every video and audio format under the sun and plenty of other handy features to boot. FLV support? Subtitles? Yes, please. I doubt it’ll be quite as slick as the built-in player, but it’ll make up for it in Swiss-Army-style good-at-everythingness.