If you don't need the “advanced” features of VLC's desktop app, the UWP app is beautiful and modern looking, while also providing that "opens ALL the formats" VLC UX.
I use the uwp on Xbox and I'm glad it exists but its a stale project at the moment.
Status update: The VLC for WinRT app is retired (deprecated), there is no more development being done on it. We advice you to use the classic VLC app instead. For UWP support in your LibVLC apps, have a look at libvlcsharp.
UWP is a waste of screen space compared to the older Win32 apps. Not even Microsoft managed to make the UWP Windows Settings work decently, and they openly admit it by keeping the old panels around for most advanced tasks.
UWPs lack of density and structure totally removed whatever benefit we got from having larger 20"+ screens. It's sad to get larger screens and waste all the space with the UI instead of actual content.