Appshopper shows this App has never been free previously and is regarded as one of the better Media players.
BUZZ Player HD is a multimedia player supporting many audio and video codecs and file formats, multiple photo file formats and various streaming protocols
http://appshopper.com/utilities/buzz-player-hd-2
BUZZ Player can play almost anything, including:
+) Container formats: 3GP, AVI, ASF, MKV (Matroska), MOV (QuickTime), MP4, NUT, Ogg, OGM, RealMedia, Bink, WMV, XVID, DIVX.
+) Video formats: Cinepak, DV, H.263, H.264/MPEG-4 AVC, HuffYUV, Indeo, MJPEG, MPEG-1, MPEG-2, MPEG-4 Part 2, RealVideo, Sorenson, Theora, WMV, Bink
+) Audio formats: AAC, ALAC, AMR, DTS, FLAC, Intel Music Coder, Monkey's Audio, MP3, Musepack, RealAudio, Shorten, Speex, Vorbis, WMA, Bink.
+) Photo formats: jpg, jpeg, jpe, jp2, bmp, png, gif, tiff, tif, cbz, ico, pict, tga…Supported quality:
+) Up to full HD video quality (1920 x 1080 pixels) for Quick Time media files (mp4, mov, m4v, mpv), mkv or avi in H264.
+) Up to DVD video quality (720 x 576 pixels) for other media files (mkv, wmv, avi, asf, divx, xvid, dat, vob, mpg…)
+) Up to 10000 pixels x 10000 pixels photo (~100 MB JPG file).
AC3 support?