Originally posted by just a thought
From knowlege I have (not telling where), I think the best guess is that it's an application to rip & submit music to ITMS.
However, it is not a consumer application, instead the name of the application that Apple will be supplying to independent labels that it has contacted back in June to bring their catalogs to ITMS.
One of the major elements of their independent label plan was that they (Apple) would have to do as little work as possible (i.e. same deal for all labels and, more importantly in this situation, the labels would rip the songs to AAC themselves).
From discussions I've had with people that absolutely know, this application was promised for September delivery, but no one has heard a peep from Apple since June.
My guess is that Garage Band is the application that will be delivered to labels shortly.
Finally, good music on ITMS!