9to5Mac claims to have some early details about Apple's next version of iTunes. iTunes 11 has been internally seeded and is said to include under-the-hood changes and early support for iOS 6, which has not yet been announced.
The main focus seems to be on iCloud:
An increased focus around iCloud makes sense as Apple's Tim Cook has said that he doesn't view iCloud as short term product, but instead a long term strategy for the next 10 years. When asked about it at the Goldman Sachs Technology Conference, he responded:iTunes 11 includes an increased presence of iCloud integration. Perhaps the biggest testament to this is a dedicated iCloud settings panel within iTunes. This panel is a centralized, always accessible spot for users to control iCloud related features while in iTunes. These features include iTunes Match, iTunes in the Cloud, iCloud iOS device backups and more.
I view iCloud not as something with a year or two product life -- it's a strategy for the next decade or more. It's truly profound.
Article Link: iTunes 11 to Include Improved iCloud Integration and iOS 6 Support