XBMC, an advanced, full-featured and attractive open-source media center is now available for Android. As per the announcement in XBMC blog, this version can be run on phones, media players, set-top boxes, tablets and all devices that are powered by Android.
The program is in beta stage and not yet available in Play Store. XBMC developers are looking for people who can test this on their devices, so if you want to be one of their beta testers, head over to their blog.
The primary development of this app was done on a Pivos XIOS-DS set-top box and its runs smooth on it, though the developers are quite sure that it will perform well on other Android devices too.
Also, the Android version is full-featured, and contains the same functionality of its desktop counterpart. You will not need to root or jail-break your phone to use XBMC. The UI is optimized for touch-screens, which more or less all Android devices come with. You can read the release announcement here.
The day is not far when we will see our favorite media application running on cheap and portable hardware.