I've found a solution for my errors during VLC initialization under Linux (Ubuntu 12.10 64 bit, VLC 2.0.5).
It seems that libVLC raises some floating point exception during dirac plug-in initialization.
Everything works fine if I mask exceptions before calling libvlc_new.
uses
math, ...
...
var
ExceptionMask : TFPUExceptionMask;
...
ExceptionMask:= GetExceptionMask;
SetExceptionMask([exInvalidOp, exDenormalized, exZeroDivide,exOverflow, exUnderflow, exPrecision]);
p_li := libvlc_new(ArgsNumber, @args);
SetExceptionMask(ExceptionMask);
....
Maybe this solves also yours problems.