I totally agree. These days there are many devices and players that take advantage of the more verbose forms of the M3U playlist, such as this:
#EXTM3U
#EXTINF:317,Space Oddity - David Bowie
D:\Music 1\David Bowie\Changeonebowie\01 Space Oddity.mp3
#EXTINF:232,Back On The Chain Gang - Pretenders
D:\Music1\Pretenders\The Singles\08 Back On The Chain Gang.mp3
...etc...
It would be a very minor effort to have MB create the additional tags and song title lines to the M3U file (not sure what kind of coding would be needed for the unicode versions). When MB only creates the full filepath, my car players and HTPC remotes display that lengthy path and the sometimes-confusing filenames. Kind of a step backwards towards the 8 character file name system! I love the ton of customization MB provides, this should really be included.