Plus, VLCKit could be a really great tool for Cocoa programs, since Apple's API migration roadmap to QTX just flat out doesn't exist publicly.
Anyway... I don't think there is anything to worry about here. I just downloaded the source, built Lunettes under Snow Leopard and tried some of my favorite videos. There is no GUI to open some file types yet - but for those it can handle, everything seems to work and it does look great!