You can download the update by heading to get.videolan.org on your browser or by using the following link:
The MKV file format which is a favorite among VLC players is said to have received special treatment with this update, so we can expect improved quality and performance when watching MKV coded videos.
The VLC Player has additionally moved to OpenGL ES from OpenGL in Ricewind, which should make it much easier to port the app to iOS and Android. In fact VideoLAN is said to be already working on bringing the update to iOS users.
Besides the internal improvements VLC players playback interface is now customizable and even allows videos to be played as a desktop wallpaper.
Its good to see the developers are working hard to keep the popular media player ahead of the game and we cant wait to see what more the player will offer in future updates.