CineXPlayer is like a Swiss Army Knife video app for your iPad. It supports many video formats, including AVI, MOV, M4V, 3GP, MP4 and Xvid. Audio formats include Dolby Digital Plus (AC3, eAC3) 5.1 and 7.1 audio support. HD playback at 720P is enabled, as well as subtitles.
I especially liked a new feature, which is the ability to split the screen in portrait mode with a video running at the top and a web browser on the bottom. You can, for example, bring up IMDB information about a movie you are watching. Perfect, and it overcomes a major limitation of the iPad. I should note that the browser is pretty primitive, and you'll have to type in some www's and .com's as they generally won't autofill. I'm told that issue will likely get sorted out in an update, hopefully soon.
Videos can be transferred over Wi-Fi from another computer, via an iTunes file transfer or from Dropbox. You can't, of course, play files with DRM. The app supports AirPlay if you have an Apple TV, or you can output HDMI or VGA with the proper cable.
Another nice feature is the ability to swipe across the screen and go forward or backwards 60 seconds per swipe.
CineXPlayer allows you to create and manage video playlists, and files can be password protected. The CineXPlayer website has quite a few video demos about how this app works.
This is a really nice player for travelers who can't count on data connections for services such as Netflix. It is very complete, although there are 2 US $0.99 In-App purchases for 3D conversion of Xvid files and for additional security.
The CineXPlayer is on sale through the weekend for $2.99. It requires iOS 4.0 or later. There is also an iPhone version (the apps are not universal) that has similar functionality for $1.99.
The app is frequently updated to add new features, and CineXPlayer is something I expect to use a lot.