For what its worth, I've put redenisc's pre-release version of VLC (taken from his website) into my repository. Go to the website on my signature to see the repository details. Use the Maemo 5 (Fremantle) repository.
/MyDocs $ vlc playlist.m3u8 VLC media player 1.1.0-git Yellow Bastard LibVLC has detected an unusable buggy GNU/libc version. Please update to version 2.8 or newer. [0x128a8] main libvlc: Running vlc with the default interface. Use 'cvlc' to use vlc without interface. Remote control interface initialized. Type `help' for help. libdvbpsi error (PSI decoder): TS discontinuity (received 15, expected 0) for PID 0 libdvbpsi error (PSI decoder): TS discontinuity (received 15, expected 0) for PID 4095 [0xa94d8] ts demux error: MPEG-4 descriptor not found [0xc0ae8] packetizer_mpeg4audio decoder: AAC channels: 1 samplerate: 48000 channel element 0.0 is not allocated channel element 0.0 is not allocated channel element 0.0 is not allocated channel element 0.0 is not allocated channel element 0.0 is not allocated [0x17b428] main generic error: A filter to adapt decoder to display is needed [0x17b428] xcb_xv generic error: Unknown request in XCB vout display [0xaf2f8] avcodec decoder error: more than 5 seconds of late video -> dropping frame (computer too slow ?) channel element 0.0 is not allocated channel element 0.0 is not allocated channel element 0.0 is not allocated [0x17b428] xcb_xv generic error: Unknown request in XCB vout display number of reference frames exceeds max (probably corrupt input), discarding one number of reference frames exceeds max (probably corrupt input), discarding one channel element 0.0 is not allocated channel element 0.0 is not allocated channel element 0.0 is not allocated channel element 0.0 is not allocated channel element 0.0 is not allocated channel element 0.0 is not allocated [0xaf2f8] avcodec decoder error: more than 5 seconds of late video -> dropping frame (computer too slow ?) channel element 0.0 is not allocated channel element 0.0 is not allocated channel element 0.0 is not allocated number of reference frames exceeds max (probably corrupt input), discarding one number of reference frames exceeds max (probably corrupt input), discarding one channel element 0.0 is not allocated channel element 0.0 is not allocated channel element 0.0 is not allocated [0x17b428] xcb_xv generic error: Unknown request in XCB vout display [0xaf2f8] avcodec decoder error: more than 5 seconds of late video -> dropping frame (computer too slow ?) channel element 0.0 is not allocated channel element 0.0 is not allocated channel element 0.0 is not allocated number of reference frames exceeds max (probably corrupt input), discarding one number of reference frames exceeds max (probably corrupt input), discarding one channel element 0.0 is not allocated channel element 0.0 is not allocated