So believes 9to5Mac:
From high-level AppleCare employees, currently training for iTunes 11, we’ve heard the new digital player has been re-designed from the ground up and is much sleeker and faster. The upcoming update may also explain the wonkiness of the App Store over the past week or so.
We last heard reports of a major iTunes revamp back in June when Bloomberg noted that iTunes 11 will have tighter integration of iCloud to let users manage their media content files more seamlessly between different devices.
Another rumor is that the new iTunes will make it easier for users to share songs with friends to the extent that Apple has been “negotiating with major record labels for rights that would let a user listen to a song sent to them from a friend for free.”
Tighter integration with Facebook and Twitter has also been rumored.