As at the end of the 2010 season...
Essendon 16
Carlton 16
Collingwood 15
Melbourne 12
Richmond 10
Hawthorn 10
Fitzroy 8
Geelong 8
South Melbourne / Sydney 4
North Melbourne / Kangaroos 4
West Coast 3
Brisbane Lions 3
Adelaide 2
St Kilda 1
Port Adelaide 1
Footscray / Western Bulldogs 1
University 0
Brisbane Bears 0
Fremantle* 0*
*Fremantle is the only current team to not have won a premiership. They've never played in a grand final.
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Alas, the Dockers of Fremantle have yet to win a Premiership. They entered the league in 1995, and have yet to even play in a Grand Final.
Essendon has won 16 premierships.
It shares the record for the most VFL/AFL premierships with Carlton, who has also won 16.