VLC 1.1.5 is Out
It seems like the VLC group got the Mac support it needed to make a solid Universal app with support for both 32-bit and 64-bit systems. It's been in most of the releases of late, and while I still check, I think it's likely that it's always going to have this kind of support. Good news.
I'm not a huge fan of VLC per se, it's Handbrake that I use, and it needs the libraries in VLC to read the DVD. It's simply the most convenient way to get the libraries.