Yeah, looks like VLC hasn’t been built for Angstrom since early last year (2011.03) [1] and that won’t work with the latest OE-core based versions (2012.05 and 2012.12).
The good news is it looks like the recipe is already in meta-oe [2]. Koen doesn’t build everything in the world and shove it into the feeds, so it might be as simple as him adding it. However, I don’t see that he’s built it recently [3], so my suggestion to you is to simply try to build it!
Instructions for building Angstrom are at [4]. You “should simply” need to invoke ‘bitbake vlc’.
[1] http://www.angstrom-distribution.org/repo/?pkgname=vlc
[2] https://github.com/openembedded/meta-oe/tree/master/meta-oe/recipes-multimedia/vlc
[3] buildhistory/packages/armv7a-angstrom-linux-gnueabi at master · Angstrom-distribution/buildhistory · GitHub
[4] http://www.angstrom-distribution.org/building-angstrom