I found a couple of interesting articles about WMP12...
"Windows 7 is going to ship with an updated version of Windows Media Player, WMP 12, which we’re excited to try out. In keeping with the new look of Microsoft apps, the new Media Player features a brighter, lighter look that reminds me of the new Windows Live betas. However, it’s not just the UI that looks different – the player itself offers some pretty cool new features, too"
This is the thing I am really interested to know more about, I wonder if a multi zoned audio setup with WMP12 / W7MC is now going to be possible?
Remote streaming set-up
"As well as streaming to remote PCs, WMP12 also includes support for controlling Digital Living Network Alliance v1.5 devices. These are networked devices with audio and/or video playback capabilities; so, similar to the scenario of streaming to an HTPC, you might be streaming audio to a Sonos box. Each device being Played To has its own playlist and playback settings and is controlled through its own little window"
The Play To controller for a network device
"If a device can't handle the format being streamed, WMP12 will detect this automatically and transcode it on-the-fly."