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I think its supposed to show the song youre currently playing in iTunes as your status. I dont know for sure, because i havent explored that function yet.
 
Yeah, you're right, it shows what you're playing in iTunes to people in your contact list. That's it. iChat has had that for a while, it's a nifty feature.
 
I have just started my download!

Does it allow you to use a webcam yet?
 
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