I don't know how I feel about having the time in the Playback Bar. I really like the easy access to the time, but it does feel more cluttered.
I think the new design would be better if the play state (usually "paused') text didn't track across the screen with the current playback time and the playhead. If just the playback state text stayed left-justified, in the dimmed font like the time, and the total runtime and current clock-time were flip-flopped, I think it would look better and make more functional sense.
The "length" of the bar would be the runtime, and it would be positioned at the right-end of the bar.
The current time would be above that, more obviously "separate" from the position bar widget, and the playback state would "counterbalance" the two items on the screen (since it would be left-justified and on the same row on the screen).
The "green fill" and current playback position would continue to serve as the playhead marker, but would take up less space since the word "paused" wouldn't track across the screen with it...