After a complete rewrite and countless sleepless nights, the playlist module (toolkit, module) is now available for 4.7! Needs testing though :)
Features:
1) iTunes podcast/xspf/m3u/pls feeds generated on the fly, with full metadata support
2) album artwork can now be integrated (through URL)
3) xspf flash players for each feed, including popup players for each
4) audio browser, similar to iTunes, used to search audio tags and find the audio to add to playlists
5) upload new audio files to playlists on the fly with an inline uploader
6) listening station: an xspf flash player block that has a dropdown select to listen to different playlists on the site
7) Cut n' paste HTML and javascript includes for integrating the flash player on other sites
8) lots of customization options
Announcement:
http://drupal.org/node/70835
Module Page:
http://drupal.org/project/playlist
Demo Site:
http://www.playlist-demo.drupalart.org
Background Info:
http://drupal.org/node/58493