Looks like Winamp 5 (lite and standard) is out. At first glance they seem to have undone a lot of the awful that was added in Winamp 3. They also put the playlist time total back in, which actually was the number one reason I bailed on 3, as strange as that seems.
Update: looks like this may still be a wacky beta release. I'm actually running it and it works fine, but you may want to hold off till it's on Winamp.com.
Update #2: definitely jumped the gun, it's now up on winamp.com and the installation and program are signficantly different. So far so good though.