How "good" is MDC?

[Robert Rothenberg <rrothenb@libws4.ic.sunysb.edu>]

I've been toying with a homegrown implementation of the MDC algorithm,
similar to the one used in HPack, written mostly in 386 assembler though.
My version also scrambles the constants by multiple cycles over the key,
so it should be better the vanilla MD5... I'm wondering how "secure" MDC
is, though... are there better hashing algorithms or possible modifications
that could be made?

(A silly question considering I haven't yet released the sources.  When
they are ready I'll post an announcement or something.)

  Rob