Here's the changelog from when we last featured VLC, at v1.6.2, to the current v1.7.0:
Core: * Rewrite of the thumbnailer process * Speed up of the video decoding and output, and removing deadlocks * Support of acceleration activation per-file * Faster input support Application: * Support of m4a files * New gestures and keyboard controls * Control of audio/video/subtitle delay and synchronization * Better hardware acceleration * Support for chapters control * Support of a light and black theme * Important interface update to prepare for Windows 10 * Fix support for SRT and SSA * New mini player design and widget * Fix support for Windows RT
You can find the 'new' VLC here in the Windows Store - it's universal too, so will work on tablets and laptops.
This release did seem more stable than previous offerings under Windows 10 Mobile, and didn't run the phones so 'hot', though I did note that it crashed for me when trying to play a particular track - and I like the way that if VLC does crash then the next time you launch it, it offers to send a detailed crash report off to the developer. I'm sure it all helps him.
Not everything works as advertised but then users are used to VLC being something of a work in progress on every platform. I would say that Windows Phone's (and Windows 10 Mobile's) codecs and player facilities haven't let me down yet, but having a backup application never hurts, plus there are some UI concepts (and the folder access) which in some ways make VLC better. Your comments welcome!