This seems to be some major news that has slipped under the radar at Android Central - until now! From the XDA-Developer's Forum - the download link is over there too, but you have to register there for the link to work. Maybe someone will post a direct link here.
". . . the first media player in android that support flv, rmvb, rm, and flac file format I have ever seen. The development is still in every early stage, so it's just a proof of concept for now. The app doesn't support full screen and auto rotate, but it DOES play flv and rm video as I have tested it from my Droid. It got potential to be the "CorePlayer" on android. That's why I think we can give it a try, and share this app.
Wuzhenhua player support format: 4xm,8bps,aac,ac3,eac3,amv,ape,dca,imc,alas,rm,rmvb ,nuv,ptx,tta,wma,wmv,flic,
flac,flv,g726,h261,h263,h264,mp1,mp2,mp3,mp4,smc,t mv,dvdsub,dvbsub"
[EDIT]
Here's a direct download link - but it won't work unless you're registered over at XDA Developer's Forum:
http://forum.xda-developers.com/atta...5&d=1267883721