Recently I installed Windows Media Player 11.
Notable differences from previous versions of Media Player:
Windows Vista-style interface.
Ability to automatically create playlist, sync list or burn list from your most favorite songs.
Ability to learn your preferences from your use of the next button to skip tracks.
Improved library view with albums, songs, photographs etc, shown in a spirally arranged way.
Maximising does not display the normal Windows titlebar.
Conveniently placed Play, Previous and Next buttons.
Seperate repeat and shuffle buttons.
EDIT: Ability to resume last played playlist, wherever it was stopped. Useful if you accidentally close WMP.
That's about what I noticed, and it's more aesthetically pleasing. Go ahead! Launch WMP and click "Play Favorites". Skip the tracks you don't like. WMP learns from you.