I think splitting it into several apps would be great.
If iTunes can already sync your photos to your iDevice, there's no reason a standalone sync application wouldn't be able to sync your photos from iPhoto, your apps from the app store (now combined with the Mac app store), your music from iTunes, your videos from whatever that would be called, Podcasts from, well, Podcasts app, etc. This keeps everything pared down and focused on the media you want to consume.
Do people really switch seemlessly from music, to videos, to movies, to audiobooks regularly in iTunes? If I want to listen to music, I don't need to see my movies/videos. I just want music. Same with podcasts. It's not like quitting iTunes and launching Podcasts is a hassle - it will also likely put less of a strain on your system.
I would like to see the "i" prefix drop from a lot of these things, too, like it is on iDevices (how backwards is it that iDevices, running iOS, are no longer calling everying "i"whatever, but OSX is?) We just need Music, Podcasts, Videos, Photos, and Apps.