I experimented hugely with mp3 streaming when I migrated to Linux.
I am currently using VLC and Gnump3d for my streaming needs, but my intended target is me - so it makes it fairly simple.
VLC, as far as I can get, won't stream the metadata, though I once read somewhere that it could, if hacked properly, but it was certainly beyond my scope, and I could never find the thread again when I felt like the challenge. It may be worth a bit of effort, if you're interested, because VLC is a server, too, so you wouldn't necessarily need shoutcast.
Gnump3d's drawback is that it serves streams, but not in a broadcast sense, ie. whoever connects isn't fed a common stream; from what I've been able to comprehend, you're just making your music library available to your listeners.
A while back, I had XMMS connected to an icecast server via oddcastv2 xmms plugin, available here:
http://www.oddsock.org
IIRC it configured similar to how winamp and foobar2000 configured for icecast.
The site is now pushing its Oddcastv3 - Jack, in lieu of the xmms plugin. I have to deduce that it works well, but I can't vouch for it because, for the moment, I'm content with the setup I have.
hth,
cheers,
