In a blaze of blatant self publicity, and the fact I've had minimal bug reports about it so I guess nobodies noticed it yet, theres a ZETA build of VLC 0.8.6-test1 available for download
here. -test2a builds for ZETA and R5 should follow shortly. This version has all the standard VLC features, which include decoding of current-era WMV content, and On2 VP6 - best known as the video codec in Adobe Flash 8 or 9 files. Theres a few known issues, namely that rtsp streaming doesn't work, and that Handbrake encoded h264 files will crash it - these have both been fixed for -test2a.