Used to just be functional. Now it's got a browser and a CDRipper in it. 
I give it 3 months before it gets email.
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I was pleasently suprised by the latest version. The UI is quite nice and it's great functionality.
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It works and Microsoft is ecstatic to help developers, unlike RealPlayer (see RealNetworks for rant). ASF v. 2.0 is going to be the new industry standard (MPEG-4, actually), so WindowsMediaPlayer is the king of the hill. Justifiably so. Smartest people in streaming media.
 Don't be an idiot.  RealPlayer is uch better than anything by MicrosoftCorporation.
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Hey, they have WindowsMediaPlayer '''10''' now! So now we can have ''upgraded'' crap pre-installed with WindowsXp!