I did some searching. Here are my findings (TL;DR at the end)...
SPC is still the dominant format. Track length is stored in a tag at the end of each file, so whether an SPC has that data or not depends on if anyone took the time to add it. Fortunately, most SPCs now have this data. It's also common now for SPC sets to be packed into RAR files with the extension renamed to RSN. You can extract them to separate SPCs with 7-zip if needed.
There are some soundtracks that can't be ripped to SPC format due to technical reasons. This led to the creation of the SNSF format. There aren't as many of these available since they're harder to make, but it's the only option for the soundtracks that can't be ripped to SPC.
SNSF/miniSNSF plugins for foobar2000 and Winamp:
http://www.vgmpf.com/Wiki/index.php?title=SNSF
See also:
http://www.vgmpf.com/Wiki/index.php?title=SPC
It should be noted that the Highly Competitive plugin for Winamp (linked above) seems to have better compatibility than the other players. It's the only plugin that seemed to play The Lord of the Rings correctly.
TL;DR: Update your old SPC files if they're missing track lengths. Use SNSF for the few soundtracks that can't be ripped to SPC. Get the plugins/players in the links above.