I followed all of the instructions, and have MilkDrop mostly working in MM4.
However the plug-in does not seem to be paying attention to the maximum FPS that I've set (24). It's staying up around 60fps the whole time.
I set all of the options I wanted within WimAmp, then I copied the milk2.ini file over as instructed. I can read milk2.ini in notepad and see that the values are set correctly there.
I had this working on my previous Windows installation, but my motherboard died so I had to reinstall a few days ago. On the old installation I had upgraded from 3 to 4; I think that's the only major difference here.
Any pointers from anyone? I'm a huge fan of visualizations, I was really hoping to get this working properly with my great new graphics card.