I am also for merging these two threads.
Rationale being that, right now, a very long discussion about SkippingStones is in the other thread; if I see it correctly, it's essentially everything of the other thread except the first post.
Furthermore, there is, imho, valuable information in the other thread as well, like the howto for patching the media player or MeeCast.
I am not an expert on how complicated this will be, but maybe just adding everything except the first post from the other thread to this one will do? (And then add another post to the other thread with a pointer to this?)
By the way, the link to the other thread is: http://talk.maemo.org/showthread.php?t=92976
The other link above, somehow leads into the void.

The problem here is that one needs the source code.
There is the original source code by robhh:
https://github.com/robhh/SmartStatus
But the version with the music controls seems to be an adapted version of this and I couldn't find the source code for that yet.
There is btw a version that does just exactly what you describe but it it only available for SDK 1.0, right now:
http://www.mypebblefaces.com/apps/4805/6490/8223/