The
FAQs page has a section titled "Where does VLC store its config file?" which suggests that under OSX, the config file is "~/Library/Preferences/VLC", when (at least on OSX 10.6.8 ) this doesn't seem to be the case (for example, mine is at "~/Library/Preferences/org.videolan.vlc/vlcrc").
As a software developer, finding the correct location was no problem, but it might be confusing for someone less technical. There also seem to be other files that hold various bits of info as well as vlcrc... are they worth mentioning as well?:
~/Library/Preferences/org.videolan.vlc.LSSharedFileList.plist
~/Library/Preferences/org.videolan.vlc.plist
Dan