i was also tuning in specifically for the new itunes, so i was surprised when the event ended without a mention of it. there is a chance that they'll roll the update out today, i don't think it's so earth-shattering that they'd need to dedicate a segment of the event to it.
my guess is that the trouble they had negotiating with the record labels is to blame. a subscription service was in the works, but then the proposed deal with sony music was said to have reached a stalemate due to pricing disagreements.
hoping for a quiet release today, but not getting my hopes up...