There are at least twenty MP3 audio players currently available, and while some offer better performance (like AudioActive), none of the players comes anywhere close to matching the multitude of features, ease of use, and overall functionality of Winamp.
The completely freeware Winamp plays Layer 2 MPEG audio streams as well as the newer Layer 3. The latest releases of Winamp also offer support via plug-ins for additional audio formats like Windows Media Technology 4.0 (WMT4), AAC digital audio, CD audio (direct/indirect modes), WAV, RealAudio, AU, VOC, and AIFF.
Less-intensive users might be able to get by with a basic MP3 player like WinPlay3, but those audiophiles out there who need quite a bit more out of their players will appreciate the abundance of features in Winamp that you won't find elsewhere. And believe me, even if you've never been that interested in music, once you experience the full range of capabilities offered by MP3 and Winamp, you'll quickly find yourself becoming an initiate audiophile.