I have a galaxy nexus and when trying to play 720p movies I run into some problems.
Lets say a 720p H.264 + DTS/AC3/Flac audio in MKV for example.
MX player seems to be able to play most movies but it's still software decoded. Some 720p files as mentioned above are too much for the software to handle and the voice sync doesn't match up. It does play the video.
Mobo player I think is just crap. I gave it a try but it it won't even play the damn file. Sound was distorted as well. I didn't bother trying to install any codecs for it though.
Dice player is the only hardware decoded player out there I think and it plays what other players can't handle software wise so this gets my vote. It's also the only player that truly displays full screen. (the soft keys on my phone are displayed in all the other players no matter what) However the free version is limited by a 3-day trial, and currently you can't even buy the pro version as there isn't any due to google account problems on the seller part.
So is there anything else out there that is hardware accelerated? I don't care if it's free or not.