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.
I was pleasently suprised by the latest version. The UI is quite nice and it's great functionality.
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.