The fancy music player from the upcoming Android 3.0 is now available (unofficially) for the Galaxy Tab. I have installed it on my Galaxy tab and is working like a charm. However, there is a bit of lag in the music when you rotate the screen, but other than that, it surely appears to be a huge improvement over the (pathetic) stock music player.
But hey, since the ‘apk’ file is in Beta, there is a scope for improvement. The player also comes widget which does not shows the album art (just the name of the file and basic controls to stop or move to the next track).
PS- You can also set a song as ringtone too. While the song is being played, hit the menu button and then select "set as ringtone". Simple. [download the apk file from here]