After asking for it since iTunes 1 (especially because it was already there in iTunes' predecessor) iTunes 7 finally implements gapless playback!
THANK YOU THANK YOU THANK YOU!
The only drawback is that I now have to re-rip all my CD's with gapless links between songs because right now they're coded as one track (using the Join Tracks option). Only about 400 or more CD's to re-rip
But still, this is a new feature I've been longing for.