VLC has been 'coming' to Windows Phone for a long time now, but there is now a light at the end of a very long tunnel. Earlier today via twitter the lead developer working on this project asked for beta sign ups. Unfortunately there were only a 10,000 spots and they went immediately, this 10,000 beta tester limitation comes from the store and not from VideoLan.
Porting VLC to run on Microsoft's new app model on ARM chips has proven to be very difficult. Luckily the developers at VideoLAN don't give up easily and are dedicated to bringing an app to WinRT on ARM. When the app is up and running on Windows Phone it will be easier to bring it to Windows RT and run on tablets like the Surface 2 which have ARM CPUs.