These boards crack me up. Everytime there is a new major version of iTunes, there are cries of "ugh! It looks ugly! I want to go back to Version X" Let's forget the fact that everyone thought Version X looked ugly too...
For me, I like the new UI. There are some odd things, like moving the "eye" button to the bottom, and removing the visualizer button (this especially doesn't make any sense). However, I think it's a great update--gapless playback is something people have been clamoring for forever, and the new backup feature is good, too.
As for the Icon....Sheesh...you people are WAY too picky!
I do miss the old Radioactive Disc Burning Icon, though.
The biggest issue for me: STILL appears to be no support for subtitles and/or Closed Captions on downloaded video. I WILL NOT buy any movies until you can do so (Maybe with Leopard?). As a Hearing impaired user, I have been very angry with Apple for neglecting this issue for so long...