Update:
Version 0.6 is out now: Get it from Openrepos.net

Mainly fixes the 1.1.0.38 OS Update issue which made the file browser useless. LLsVPlayer now uses the native Sailfish Video Picker for the "Browser Files" Page.
If you still want to have a file browser(with the ability to browse through folders and remove files) and still are on OS 1.0.X don't upgrade.!

Also a settings page was introduced to configure subtitle colors and font size. A new addition is also the possibility to prefer direct youtube urls instead of using the ytapi.com website (this might be a good option if ytapi.com is down or having too much requests)

Have fun.