Absolutely disagree. I absolutely think iTunes is way too bloated as it is.
Think about it. Once upon a time, iTunes was your mp3 collection.
Then Apple releases the iPod, and iTunes keeps your mp3 collection and allows you to sync it with your iPod. OK, makes sense.
Then Apple releases the iPod with photos. iTunes keeps your mp3 collection and allows you to sync it with your iPod, and pulls photos from iPhoto to do the same. Uh, OK.
Then came the music store. OK. Then videos. The video and movie store. TV shows. And pulls in your iPhoto photos, your Address Book contacts, your iCal calendars...
Then the iPod became the iPhone and iPod touch, and now we've got music, movies, TV shows, movie rentals, contacts, calendars, and applications.
Then the iBookstore...
The only reason it's all in iTunes is because these devices were all evolutionary from the iPod and its roots in music. How else does it make sense that to download a calendar onto my cell phone, or to upgrade an app on my tablet, I open my music app???
If anything, it should be the other way around. Now that they've got an App Store for the Mac, they should come up with an App Store (plus sync manager) for your iOS devices, and leave iTunes to do what it's supposed to do -- manage your music and media collections.