Except that it only works on lame Windows Media Player.
You can actually get it to use Winamp instead, which is a much better idea (because WMP is lame). Download the Mess patch from http://www.mess.be and run it - it will give you a whole series of options that you can use to fix MSN. Stuff like turning off the advertisement bars and such.
You'll also have to install WMP 9+ - I installed WMP 10 and just disabled every option that it gave at me .
But once you've done this, MSN will now display Winamp titles in "Now Playing". (Make sure you enable the option in MSN to display "Now Playing".)
If you're also interested in customising MSN further so that it doesn't suck, download Messenger Plus! from http://www.msgplus.net as well.