I'm a big fan of VLC, it's been my default video app since I can remember. Can't wait to see it again on iOS. The "big" feature I would like to see is some kind of "super-easy" drag and drop feature where I could easily send video files to my iPad/iPhone without doing the whole Browser->IP:Port->Choose file, etc. A "video file right click -> VLC -> Send file to iPad (upload in background)" would put a smile on my fac…
Here's a screenshot: http://i.imgur.com/cRwg8Rr.jpg
Not quite as slick as the context menu you're suggesting though.