Do you think Apple should maybe call it a day with iTunes? Some of the new stuff seems either engineering-gimmicky (Smart Playlists) or marketing-gimmicky (audible.com integration).
It's a neat little program, but I hope they don't bloat it much further... it chows 25-35% of my sad little iBook's CPU as it is.
If anything, I'm glad that it plays .mp4 audio files (use QuickTime Player to rip a CD audio track to MPEG-4 audio format), but I'm told iTunes has always been willing to fall back to QuickTime-supported media formats and codecs. It'd be nice if iTunes itself had AAC ripping as an option, though, with some appropriate scheme for including the ID3 tags.