Though I use 3 right now, I think 2 was better because it took up less memory, and loaded up faster than 3. Sound quality was pretty much the same and with 2, you could rip mp3 to wav (if you actually need it).
The only thing going on for 3 is the flashy layout, the new skins you can apply to winamp, and it's ability to play additional formats such as wma, wmv, mpg and so on.
I don't know why I use 3. Maybe because I have enough ram to run it, but I do prefer 2.
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