Here are some new features that shall be included in the upcoming Windows Media Player 12 update.
Now Playing view with a video
Video playback controls
Now Playing playlist
Now playing visualizations
There’s also a new taskbar miniviewer that works with the new Windows 7 taskbar, and WMP12 includes support for Jump Lists.
Taskbar Mini viewer
WMP’s Jump List includes WMP-specific actions
The Play To controller for a network device