I don't know about V1 but here is a list of the features in V2.... Go on its worth it. I have looked around a ME is the best thing I have found any where. All I can say is contribute where you can... its to every ones benifit.
Automatic updating / self generating ADO Jet music database with background processing. (Browse by artist / genre / playlist / file system layout / etc..)
New ID3 generation system.
Mix movies and music in same directory
Built in "ftp style" playlist creator. (In the works)
Built in DVD ROM player.
Support for most movie formats, plus the ability to add new ones on the fly if you want.
Ability to support any music format (So long as Winamp plays it).
Play VCDs (In the works)
Play Movies / music audio off CD Rom.
New Version of Winamp (2.9 vs. 2.8).
Better Visualization support (In the works).
Drop shadowed lists for better visibility on low resolution monitors
Unlimited external apps (In the works)
Modularized internal code.
Better / different error handling.
More skin customizations.
Known "bugs" fixed (Overlapping text, album art bug etc..)