Hat tip to Rita for noticing!
Just as in the S60 3rd Edition version, the application ties into Nokia's database of online radio stations (and stations can submit their feed details direct to Nokia via this page).
The player itself should look familiar to users of the S60 3rd Edition version of the application, and naturally you can have a list of favourite stations so you're not navigating the worldwide directory every time you open the application. Interestingly, a small banner advert space is sitting at the top of the Favourites list.
You've also got options to reach out beyond the application to both share your favourite station (through a .pls playlist file sent as an attachment), and a one-touch link to the Ovi Music Store. Unfortunately this was just to the front page of the store, and not to a specific track, or even a search box. With many stations providing track listing information (such as KBRD, above), this might have been an opportunity to buy the track you're currently listening to. Perhaps that's something for the next update?
You can download the S60 5th Edition version from the Ovi Store.