Need it? No, but I like the new way the search is set up, and how more information is displayed when the window is small. The "smart shuffle" is nice too.
I would just rather have the old brush metal on the new iTunes.
Well, I know there are ways of changing the colour schemes, but I doubt any of those would include brushed metal. I say if it botheres you more than the new features help you, go for 4.9.