It’s Playing is a universal iPhone, iPod touch and iPad app that looks to fill the “I will play any video file type” space left when VLC was pulled from the App Store. It's Playing uses its own soon to be patented engine which it claims will play back most 720p content.
What differentiates It's playing, apart from pricing and the quality of the user interface, is the engine that takes advantage of the outstanding hardware and operating system it runs on.
VLC developers Applidium have announced that they have submitted an update to the existing iPad app that will make it universal and support the iPhone and iPod Touch. The update to VLC, the media player all our otherwise unsupported video files love, and that came to the iPad about a month ago, is now headed to the iPhone and iPod touch is currently being reviewed by Apple, and we should expect it in the AppStore any time soon.
There area few restrictions with this new version:
VLC is a popular media player that supports countless audio and video codecs and multiple file formats. Because of such versatility, a lot of folks use VLC as their computer's main video player. And now thanks to ZodTTD, it's available for the iPhone (jailbroken ones only, sorry)!