mVideoPlayer is what I personally use as a video player replacement for my Android-powered phone. It’s free and it has a nice and clean interface and lots of options in order to make it fit your needs.
A few features:
– subtitle support
– internal MKV subtitle
– on-screen time and battery informations
– intuitive controls
– built-in subtitle search
– nice looking themes
Note: The subtitle must have the same name as the video file (except the extension) and it has to be in the same folder.
You can get mVideoPlayer by searching for ‘mvideoplayer’ in the Market with your smart-phone.