Hey guys, I just gave a quick try to the universal app Air Video. It played every video I threw at it including .FLV (Flash) and .MKV (Blue Ray) videos over-the-air to my iPhone.
I haven't tried it on an iPad, but the quality was pretty friggin sweet. It just works. Any file you have on your PC or Mac, as far as I can tell, it converts real-time (quickly) and plays it over your Wi-Fi connection to your iPhone/iPad.
It also gives you the option of converting them (while not watching) and adding the files to iTunes for later viewing.
Can anyone speak to the video quality on the iPad half of this universal app?