Developer Felix Paul Kühne has confirmed that VLC for iOS will return in early 2015. You'll remember that it disappeared in January of 2014, and Kühne since promised that he has been "working with Apple" on a solution to get it back in the store. The issue that got it booted hasn't been made clear, so we're not sure about the delay.
In the meantime, it seems that progress continues. Hopefully it'll return soon, as I know a lot of users are waiting to get it back.