A terrible idea. But I don't get a lot of the comments either, or why it's turned into such a Safari bashing.
As a web developer, I can tell you that doing standards-based development for Safari (any Webkit browser really, and that includes Chrome) is an absolute joy. I'm cheering for any such browser that takes market share away from IE, because if IE were dead I wouldn't have to keep supporting it! I use Safari as my personal browser too, and it does the job well. Can people explain to me why they think it's such a bad browser? I'm very curious to know where people are coming from with this.
iTunes is not such a terrible program either. (Although I hear it has more problems on Windows, and this needs to be addressed!) But I do agree, some of it's functions could be split into a separate program. If it were up to me, I might have one program for managing all media content on your Mac or PC music, videos, and books and another for managing Apple's portable devices and their apps. Unfortunately that's not likely to happen because it would mean that people now need two apps when they purchase an iDevice, and that would be more confusing for many consumers. So people need to get used to it. iTunes is not getting split into separate apps any time soon.