I usually use(d) FAPG to generate playlists for my players of choice -- but the problem is that FAPQ is only for Linux. No WIN32 support snif. So I wrote a similar tool, and, for lack of originality, called it fappy (Fast Audio Playlist generator in PYthon). Speed-wise, it's quite fast: after filesystem time is taken out of the equation (run a few times to get the FS entries cached in memory under Linux), fappy can generate a playlist of 21398 items in about 31 seconds on my machine. To be fair, FAPG is still faster, coming in at a jaw-dropping 4-6 seconds. But I can at least use this on other platforms -- and now you can too.
The speed of fappy is due more to the dev skills of the mutagen team than anything else. This is just a cheap wrapper. But I hope someone can find it useful.
NOTE: THIS IS A COMMANDLINE TOOL. DON'T EXPECT A GUI. DO EXPECT TO RUN WITH '-h' TO FIGURE OUT HOW TO USE IT.