Since it looks like functionality is very important to you, you should include the three db 'buttons' on the eq (12db, 0db, -12).
....also, you should include the clutterbar
"Mode" just seems to be sitting there by itself in its own box doing nothing - I think you should make the "mode" bit and the "Stereo" bit all in one box.
I don't see why the on/auto buttons should be so tiny
I don't think it's a good idea to make the "repeat" button so wide. I mean, if you press the left side of the button, it will work, but if you press the middle, it won't do anything. And if you press the right side, it will open up the "about" or ML window. That's just bad skinning, I'm afraid (as far as the "repeat" button is concerned, that is).
The ML looks naked and disorganised without any dividers, header borders or lines in inside it.
I agree with dlinkwit23 about the PL stacks, though it's not a big deal