The news about the VLC video player coming to iPad was first reported by Mac4Ever. The VLC was been ported to the iPad by Applidium with the support of the VideoLan team. The app is currently in submission with Apple and is awaiting for approval.
They even added that they will release the current working project when the app will hit the AppStore. Moreover, they are planning to launch the VLC for iPad next week if everything goes well.
Well no doubt that VLC (Video Lan Client) is a very popular open source media player for the Mac and other platforms and one of its strengths is the ability to play a wide variety of video formats (chart) and streaming support.
For now I think we should all expect the iPad release as early as next week. Keep reading, will update you soon.