But when it comes to ease of use and lots of built in features (unlike with the default MPlayer command-line version), well you gotta give some credit to the VLC developers nonetheless. Anyway few days ago they released another version which makes it now the 1.1.10.
Few main features...
*. Play huge list of audio/video codecs (including container formats) - mp3, aac, wma, wmv, flac, mp4, avi, mkv, h.264, xvid, divx... seriously it's BIG.
*. Add advanced audio and video filters using graphical tools.
*. Playlist support.
*. Change brightness/hue/...
*. Screen capture.
*. Stream video/audios.
*. Encode into different formats.
*. Subtitle font size, color, etc changing.
Although from the beginning VLC was written using the Qt toolkit and these never versions come with the Qt-4 and look pretty cool too :).
You can easily install VLC 1.1.10 in Ubuntu 11.04 Natty Narwhal by using the below PPA, this might not work on other Ubuntu (10.10 or 10.04) versions. According to Unixmen team, this will also work in LinuxMint 11 as well.
sudo add-apt-repository ppa:unixmen-com/vlc
sudo apt-get update
sudo apt-get install vlc mozilla-plugin-vlc vlc-plugin-pulse