Because of the public response stemming from Winamp3 release, it was decided to scrap the Winamp3 in favor of a new project, dubbed Winamp 5. Winamp 5 will try to have the best of both worlds, the modularity of Winamp 2's DLL plugin system and its low consumption of resources, with Winamp3's freeform skinning that broke the Winamp 2 UI mold. This shall be a quickie thread for those who tinkers with alpha/beta/prerelease softwares, or for those who are just curious.
Winamp 5 is based off the v2 codebase, obvious from looking at the folder structure of the base install, the naming convention, and the UI itself. This also explains the sudden appearance of Winamp 5, as a total rewrite would take much more time to do. Inputs and Outputs remain the same, along with the General, DSP/Effect, and Visualization plugins. There is also an addition of the library, which by default is akin to that of Winamp3's Media Library. There appears to be a 'CD Ripping' function although I have yet to tinker with this. One thing that is most welcome is the 'Freeform Skin' plugin, which lets users dump Winamp3 skins into Winamp 5. Anyone who has seen some of the amazing Winamp3 skins (ie. BOOM or MMD3) will know that this is a powerful addition. No more being confined and limited to a small v2.xx UI box.
If anyone else has any other findings or comments about this, feel free to post it here. Also, make sure your comments are constructive criticisms/opinions. I'd like to see the thread be kept as an informative guide about Winamp5 and not a place where people can freely say "It sucks" or "It rocks" without anything to back it up as to why.