One of the things I hate about my iPhone the most, is being limited in the video file extensions it can play out of the box. The VLC Media Player is a free and open source multimedia player which reads almost every video file extension available, but which currently only works for the iPad. Our good news today is that its developer Applidium has just confirmed they’ve submitted a new update for the App which’ll not only allow more file extensions to be played, but which will also bring universal support for the iPhone and iPod Touch.

On the positive side, this is a free app you’ll be able to take for a spin and know if it does the job for you. On the negative side, it’ll only support the newer iPhone 3GS, iPhone 4, or any of the iPod Touches of the same generation. Since the decoding is not done through hardware, don’t expect 720p to do a good job most of the time.

But again, pros and cons aside, it’s totally free, so hit the iTunes link soon and give it a test drive.

(Via: TiPB)