How about the ability to change the name of your content libraries again? On older versions of iTunes, I was able to change the name from Music to Trax, or Rob's Muzak, and my movies to Flicks, but now it's stuck on Music and Movies and so on.
Redirecting from the Movies folder would be nice as well, but since I only ever really access movies through iTunes, I guess it's not too big a deal for me, but iTunes has a pretty nutty network of its own folders caught under the iTunes folder, at least on OS X. In Windows, it just takes it from wherever and leaves it there (which is why if you so much as move it to a different location, it's suddenly lost). But yeah, let me rename my stuff again, and I'll be happy as a pig in...you know.