VLC has always been my favorite player on windows. I like its ability to play almost all the well known media formats. VLC is now available on Cydia in multimedia section.
You can also find it by searching for “vlc” in search section of Cydia.
I tested quality of video of different formats and many more in VLC. Below are some features it has
1. Ability to play stream video
2. Play audio content from your PC
3. Internet Radio player
4. Ability to play well known format video

The only drawback is poor performance of video of resolution 640X480 or above. It gives a good performance for 320X240 resolutions.