UPDATE 4/12: Portable VLC Media Player has been officially released:
As promised, I posted the release of VLC I had been working on so you guys can check it out. It's a tad different from Rob's. The files are UPXed so the install size is down to 10MB. I was still playing with the splash screen timings. (I try to test local, fast key and slow key to get a good feel)
Download Size: 8MB
Install Size: 10.2MB
MD5 Checksum: 0e42a2f7a9dddd5114dac23337e95d03
I'm not calling this a public release at the moment, so please don't spread it outside the forums.
PS - And I'll start posting stuff earlier on in the development process so others can contribute code and ideas (b) we don't have any more duplicated effort and (c) it'll be fun...