Popular VLC client VLC Mirror have now been updated with support for WP8.
Right now the support for WP8 is basic but the app works perfectly.
Advanced features like Wide-Sized Live Tiles, Directly opening a saved PC is in the works.
VLC Mirror only works with VLC 2.0.2 installed and running on your host desktop/laptop.
VLC Mirror lets you watch all your media files from your PC.
It does not requires any custom resource hogging software running on your PC, only the VLC software.
It is based on the VLC and can access every media file you want to run.
It supports every media file that VLC supports. (which is basically every media file )
Download VLC Mirror here from the Windows Store.