vlc4iphone v1.6.0 is now available publicly on Cydia in the Multimedia section. As ZodTTD.com is a pre-installed repo of Cydia, you're ready to go. So check it out!
In this release I have fixed many bugs, including the dreaded bug that caused many people not to see video in the last beta release. Some codecs (RTMP for instance) are still missing, and depending on the demand for them, I will add them and update to a later VLC version as well.
The only drawback is performance of videos of resolutions of 640x480 or greater. What I've done is lowered the decoding resolution of many formats of video at this resolution so now you are able to be play them at decent speeds.