Was asking the same question and as I understood from what Mark (CommonsWare) advised on numerous threads here, VideoView is a wrapper (200 hundred lines of code) for MediaPlayer and SurfaceView to provide embedded controls.
VideoView is essentially a View that is tied to a MediaPlayer to make it a lot easier to implement videos in your app. If you aren't doing much custom work, VideoView is the way to go.
That said, you can also pass the RTSP link off to the system to use the most appropriate app for playing the video, which is even easier to do:
String url = "rtsp://yourrtsplink.com/blah";
Uri uri = Uri.parse(url);
startActivity(new Intent(Intent.ACTION_VIEW, uri));
Video should be tested on a device, since emulator playback is poor, and you should also be aware that RTSP requires an extra port to be open, which is blocked by some firewalls.
The VideoAdView is a wrapper for MediaPlayer and SurfaceView, it's more easy to implement video player with VideoView than with a MediaPlayer, if the video files are stored in the internal storage of the app use content provider or store them as world readable, otherwise it will not work