This app was taken down because of licensing reasons. People have reported that they were able to get the app loaded on new devices such as the new iPad (which was released after this app was removed) because the ipa was saved in their iTunes.
Now, I don't actually have the app. I did a long time ago on an iTunes installation (on windows) that is long lost in a dusty corner of a partition on one of my many many hard drives.
My understanding is that there is some sort of signing that happens where it's impossible to download the .ipa file from some source and get it to run on your iOS device unless you jailbreak and apply AppSync (which basically hacks and bypasses the app verification).
Does this mean that I am SOL for being able to watch my collection on my new iPad without either transcoding or streaming? I could settle for streaming but it really makes me sad that awesome software like this has been taken away from us.
Best Answer
As you state, VLC has been pulled from the app store because of incompatibility issues between its GNU license and the AppStore DRM.
If you have already bought it (even at 0 cost) you can still use it under the same account used to buy it. Because of DRM, apps can not be shared between users, so you can not use an .ipa from other user, just your own.
If its your case, VLC is available as a Cydia download for jailbroken devices. Otherwise there are good alternatives for a few bucks. You might wanna check out these:
I've used GoodPlayer and it works as expected, allowing you to play almost anything without reencoding.