For anyone interested, here's the latest mockup for the Media module, courtesy of Maarten Verbaarschot (mverbaar) of the D7UX team!
(original at http://www.flickr.com/photos/mverbaar/3632702590/in/set-72157619245872526/)
You can see more screenshots at the D7UX Microproject - Media Library for D7 issue.
And Jon Stacey (jmstacey) is doing a bang-up job of helping to realize this vision, via the Google Summer of Code! He's been hard at work with Andrew Morton (drewish), another co-mentor, to make this happen for Drupal 7. (And yes, we're also continuing to back-port this work into 6.)