Goal is to be a full-featured client. Drag-and-drop, editing tags, display album art, queue, random play, shuffle playlist, search and find, save playlists and eq settings, and much more. Please see http://inkleined.com/SeaSerpent for more info and features.
UPDATE 2010-9-25: Fixed a few bugs and minor annoyances.
UPDATE 2010-7-18: Released version 1.1. New: much more powerful metadata editor, two color options: (1) deep purple SeaSerpent color or (2) your OS color scheme (mostly). There are new screenshots and new documentation indicating how to use the metadata editor.
UPDATE 2010-3-30: Fixed website download link, create a sourceforge page (http://sourceforge.net/projects/seaserpent/), and re-uploaded correct zipped file to all places.