I find that MC is by far the best thing to use for organizing, ripping, and burning (especially since I use Monkey's Audio almost exclusively), but MC is lacking for use with streams. Like some other people (OK, maybe only a few other people), I bemoan the fact that MC can't save pointers to remote PLS files, as Winamp can (in the form of "Bookmarks").
I also have more problems with streams skipping when I use MC, because there is no independent setting for the streaming buffer.
I find MC just plain clunky for streams for still other reasons... For example, when a stream has multiple servers listed, Winamp will gracefully cycle through them repeatedly, until one of them responds. It also gives meaningful status information. MC, on the other hand, tries one server, freezes for awhile (i.e. you can't immediately stop it, or try another server manually), then tries the next couple, and finally throws and error and gives up--before trying all the servers even one time.