XBMC, a multi-media client that is open source (originally for the XBOX) seems to have finally gotten things up and running for Android OS. XBMC has alot of plugins that allow you to watch movies and other shows like Microsoft’s Media players, but with more options. HOWEVER it can be a pain to setup, and some sites (like Hulu for example) do NOT like XBMC and are constantly fighting an API battle to kick them off.
http://www.engadget.com/2013/01/18/xbmc-for-android/