Remember Winamp? It's still good! It hasn't changed much in the past decade but why mess with a classic? Winamp revolves around the playlist and has many features and hotkeys to help you build a song mix with ease. Fire up Winamp, throw on some Nirvana and cutoffs and remember the 90s.
Con Relatively poor quality audio
Compared to other players, Winamp doesn't offer high quality audio.
Reason for Winamp's lesser audio quality compared to other modern audio players is that it uses deprecated audio output interfaces (APIs). In fact since Windows Vista onward, those APIs Winamp is using (such as DirectSound, WaveOut) are emulated in software mixer for compatibility purposes further distancing the audio path from the hardware.
Modern audio players support modern WASAPI audio output for direct access to the audio hardware (especially in WASAPI exclusive mode). For more info see Wikipedia's entry on DirectSound.