All-Round Video Player(FLV/RM) is the best video player for Android.
Watch tv shows, movies, music videos as well as locally stored FLV and SWF flash video files. (You don't need to install Adobe Flash Player Plugin.)
Video: mp4, wmv, avi, mkv, dv, rm, mp, mpeg, flv, divx, swf, dat, h264, h263, h261, 3gp, 3gpp, asf, mov, m4v, ogv, vob, vstream, ts.
All-Round Video Player(FLV/RM) can handle all popular video
It has notification and icon ad!
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