When logged into the control panel the media player is not working .. Is this just me or is anyone else experiencing this same problem

There was a bug awhile back that caused this problem, and it has since been fixed.  This will also happen if you're using a SHOUTcast v2 stream in AAC+ mode.  Unfortunately Flash doesn't support AAC+, so a web-based Flash player won't be able to tune into an AAC+ stream.