Just released a couple of days ago, Dice player uses direct hardware playback of most video files on some devices with common chipsets. My Nexus S is currently playing my Tron 720P MKV release flawlessly with sound. Very impressed so far although doesn't seem to like playing files from smb shares too well.

here's the feature list...

Dice Player is hi-performance media player for android.
Nexus S/Galaxy S2/Gingerbread Galaxy S can play 720p MKV/AVI ( H.264 High Profile+AC3/DTS Audio ) files.
Spec.
* Supported file format : AVI , MP4 , AVI
* Supported Video Codec : MPEG-4 ASP / H.264
* Supported Audio Codec : MP3/AAC/AC3/DTS/FLAC/VORBIS
* Supported Subtitle format : SMI / SRT
* Apple Http live streaming ( beta )
Tested Devices
1. Samsung Galaxy S variants : Gingerbread required
-> 720p play well.
2. Samsung Galaxy S2
-> can play 1080p
3. Moto Atrix
-> can not play H.264 High profile clips.
4. Desire HD : Froyo tested
-> H.264 High Profile level 3.1 can play well.
5. Samsung Nexus-S
-> 720p play well.
Limitations
1. S5PC11x Chipset can play 720p(h.264 high profile)
2. Tegra 2 based phone can not play H.264 high profile clip.
3. Froyo Galaxy S/Tab can not play movie. Gingerbread is required.
4. 2nd gen. Snapdragon can not play H.264 High profile level 4.0/5.0 clip.
7 day trial here

https://market.android.com/details?i...=search_result

full version here (£1.82)

https://market.android.com/details?i...=search_result