VLC for the iPad has been approved and is now available for download from the App Store.
In case you were wondering about the open source implications of the release, good news on that front: Applidium states that the code will be released before the end of the day.
Yippee! The blog also states that they've begun work on a version for the iPhone and iPod touch as well, so you'll soon be able to enjoy VLC viewing on your pocket-sized device.