It's finally happened! iTunes 11 just dropped into Software Update, so if you want to grab it open up the Mac App Store and click that Updates tab.
The 198 MB file brings a totally redesigned iTunes to your Mac. The store looks new, but the biggest change seems to be in how your music library is arrayed on the screen. There's Playback Sync for picking up a tune playing on one device when you switch to another device.
Gallery: iTunes 11 First Look