I've been using MortPlayer for about 2 years now at it is the answer to my listening and alarm clock problems. Everyone who's had the frustration of WM only letting you pick the sounds they've chosen for you for alarms understands wanting to wake to music of their choosing. The player has a sleep function if you want it and the alarm music can be set to a lower volume than regular play or it can be set to start quiet and ramp up.

MortPlayer also has a long list of formats that it supports (including FLAC) and accepts WinAmp skins. For those who listen to audio books and audio programs/podcasts, MortPlayer allows you to bookmark where you are at in a file and hop right back to it. You can also configure it to start right where it left off the next time you turn it on.