I don't like the "expanded" view, particularly the way it dissolves the edges of the album color art into whatever background color the program decides to use for the track list. Ugly. Don't mess with my album cover art when displaying it.
I know the bleeding-edge snarkies will consider this a backward and Philistine reaction, but I absolutely prefer Coverflow to this "updated" look. It was only indirectly a visual analog to flipping through a stack of LPs and shouldn't be swept away from Apple design for fear of overt "skeuomorphism" (or whatever you call it).
Love Coverflow. Please bring it back as an option, Apple?