In my opinion VLC is one of the best multimedia players for Android. It can really play almost all file formats, supports network streams and has even a quite simple design and is user friendly.
Now there's the beta version 2.0.0 (version name is 1.9.0 â€“ little bit strange) which introduces a large number of features, like network disk browsing (Windows shares, UPnP, NFS, FTP, SFTPâ€¦), favorite folders and URLs, video playlists, rewritten notifications and control and a rewritten history.
In addition to this, there's now the possibility for every Android device to switch to the TV interface of VLC (if you need itâ€¦).
I already tested the app and it's working really well. I tried to play a playlist (m3u) via network with TV live streaming â€“ a dream!