My current 'playing now' and 'compact player' layout looks like this and I like it alot.
However, it would be really nice to be able to replace the progress bar with a wave bar. (and also somehow skin it)
But there are only two positioning options for the wave bar:
top
and bottom
I just can't seem to find a way to replace the original progress bar position with the wave bar.
The progress bar itself could also use more positioning options as some people might prefer it to sit above the control buttons like it does in many other media players.