Yes, it works! All the little things I had to do to get it compiled I've filed on VLC Trac (tickets 3027 through 3040). As of the time of this post, five issues have already been fixed in SVN. There might still be some other runtime issues that I haven't found, but for the most part it seems to be working.
I've uploaded SVR4 packages (installs in /usr/local) for VLC on both x86 and SPARC. Note that it does have dependencies! For any audio support, you will minimally need SDL. ncurses is needed for the ncurses interface, QT4 is needed for the standard GUI, libmad is needed for MPEG decoding (including MP3), ffmpeg is needed for a lot of video formats, etc. I am currently not supplying these dependencies, but if I get enough requests to, that can change. The package specifies the maximum set of packages that are dependencies (that is, if some are missing, VLC may still work but not all of the plugins will). For those not very familiar with the various community-based package sources for Solaris, SMC packages are at sunfreeware.com and CSW packages are from either opencsw.org or blastwave.org. STJ packages are ones that I compiled at TJHSST (VLC included), and are not presently accessible outside of TJ.
Enough talk already! Click here for the downloads. I would appreciate it if someone was willing to mirror these packages since this site has limited bandwidth. Feel free to let me know what you think of the packages! They should work on OpenSolaris as well.
UPDATE 8/11/2009 10:00 PM:
I've added a binary SVR4 package for QT4 (GCC) since it isn't as easily found and is also a very lengthy compile. I've added a README at the site as well for some additional information, including tips and pointers to get your dependencies. For OpenSolaris users, you should be able to get a working VLC with no source code compilation needed!