Yes and that's all. I don't need an iTunes controller like Bowtie but it would be nice that it showed a HUD containing lyrics.
iTunes itself actually does this, aside from the lyrics part. It can both display the album art in the main iTunes window or in its own window.
To display it in its own window, click this guy:
Now you should have something like this:
Now, if you want to get the album art in its own window, just click the album art in the main window, and a new one should pop up:
Feel free to resize this window as you wish, and close the main iTunes window if you like.