The protocol is/was directly supported by about any MP3 player software since the end of the 90s, including display of metadata updated (song/show title). One problem with Icecast streams is that content is streamed through a long lasting HTTP request. If the TCP connection breaks there is no way to recover without interrupting playback. Some Antivirus software will think the stream is a downloadable file, so it will withhold data from the browser while trying to download the whole stream. Using HTTPS for Icecast helps to keep most AV software from MITMing the stream.
If you implement A/V streaming to the web today, you most probably would want to use chunked streaming with modern protocols like HLS or DASH. ffmpeg can do this. The encoder will save a live a/v source into small fragments (like 2 seconds) on a webserver that the browser can download, reassemble and play one after the other. If one chunk download fails (because of a network change on the client side), the browser might be able to retry downloading chunks.
Caching/distribution also works using standard HTTP accelerators with chunked streaming while you need to chain multiple Icecast servers if you want to scale Icecast.
Edit and shameless self plug: I wrote an Icecast exporter a few years ago to get nice streaming stats in Prometheus: https://github.com/markuslindenberg/icecast_exporter