For those who are interested, pkshan's put up the 4.0 version of his Foobar2000 HE project:
http://blog.sina.com.cn/s/blog_72b3301c0100rvot.html
Still bare bones, no FLAC or VST support, user-hostile interface, etc., etc...
And yet, and yet, I think the guy might be on to something with his stripped-down methodology. Maybe it's a zen thing, but I find myself listening with great enjoyment, over long periods of time, to his crazy little player. YMMV, and with the high PITA factor involved, I can certainly understand why someone might not want to bother with it. But I like it enough to put up with the negatives.