Downloaded it, some observations:
First thing I noticed... Every song / artist /album in your library has that arrow to the right of it - and if you click on it, it searches the music store for that song. Interesting... Option Click goes to it in your library
"Windows Media Player 9 or later must be installed to convert unprotected WMA files" -> PC only I guess.
Printing covers is pretty easy - File -> Print, it gives you a preview. I had a playlist with about 55 songs, and it shows the first 25 on the print and then "and 30 more..." Plus it prints "Printed with iTunes" at the bottom. It even has a bleed, crop and fold marks!
This party mode thing... I was hoping to just put iTunes in Party mode, and someone could double-click on a song and it would be added to an 'on-the-go' type playlist. Cause thats what most people do, just double click on it, cause they want it. What this does it pick random music from your choice of a source (any playlist or library) and will show 0-100 upcoming songs along with 0-100 already played songs. If you have those selected to something more than 0, and you delete something in the playlist, it just adds another. If you have it at 0, you have to add your own songs. there is an option to play higher rated songs more often.
I guess the point is that you can have it choose from a playlist or your library and see whats coming up, remove something if you don't like it, or rearrage it, all without disturbing any existing playlist.
iTMS - I was hoping that based on the long load time it would say "Your country is now supported" (Canada) but no - Just a long load time for the first time. the one free song a week is cool, but you still have to have an account of course.
The iMix allows anyone to publish a playlist to iTMS - and Steve already has a playlist that is rated 5 stars out of 5 with 100,000 votes, and so it is at the top. You have to have an account to vote on an iMix
Lastly the movie trailers are cool, its an easy way to see new trailers and browse them - except that they still remind you you are in a store and there are things to buy (soundtracks).
All in all a decent upgrade, but nothing spectacular in my books, the only feature I may use is the party shuffle.
Enjoy the new toy.
And as a PS. there is a new iPod update:
iPod Update 2004-04-28 supports all models of iPod and iPod mini introduced before April 28, 2004. This update is required to take advantage of new features in iTunes 4.5 and the iTunes Music Store.
Changes for iPod without a Dock connector
-Compatibility with iTunes 4.5 and the iTunes Music Store
-Improved playback performance
Changes for iPod with a Dock connector and iPod mini
-Compatibility with iTunes 4.5 and the iTunes Music Store
-Improved playback performance
-Support for the Apple Lossless Encoder, to enable compressed music encoding at high quality
Let the rumours begin "All models introduced before April 28, 2004" So what about the ones introduced after or on this date?