Waited a bit to say anything but while I think the drop down with custom colour menue for a CD is great to look at and that is very nice - I've been working for about 6 hours with the new iTunes and it is incredibly cumbersome and just simply not any of the intuitive and user friendly nature of its older version left.
Visually yes very nice - with two exceptions - playlist has no artwork showing now and loss of cover flow - not that cover flow was particularly useful just a visual interface not found anywhere else.
Between the clunky nature of new iTunes and its penchant for going back to the beginning every other click and whoever it is at iTunes that is responsible for entering their data (and calling things whatever strikes their fancy) it has lost almost any functionality for items not purchased from iTunes. With well over a 1000 CD's I'm entering now this upgrade probably has cost me several weeks if not months in work.
It seems also the sortability is very deminished. Feel it has pretty much lost the user friendly and more intuitive nature apple was built with and while visually it is lovely functionally it feels like a bad windows product. iTunes by imap - pretty much sums it up.