Well, I upgraded to iTunes 7 two days ago, and when I first got it I thought it was amazing. Looks goo, works well, and the new Cover thing and the new iPod interface is simply amazing. However, as many others have noted, there are at least two problems. Serious problems.
I was lucky enough not to have the first problem, with distorted sound. And that was a simple fix anyway (going to the Quicktime settings and changing sound properties). However, I had the more non-obvious problem; the conflict with directsound. I have spent the last two days looking for a solution to the problem, wich makes music play at double speed when running programs that are using the DirectX sound module.
And then, finally, I found someone who solved the problem! According to his post at iLounge, you need to go into the advanced settings for your sound card, and turn the software accelleration down to the second lowest setting. I have no idea why, but it actually works! Yay for the internet, helping people solve problems!
Anyway, I would absolutely recommend you to download this version, as it is simply mind-blowing. Sure, it eats quite a bit of your memory, but if you have 768MB or more you should be okay. But if you do run into problems with the sound, check iLounge or the Apple Support Forums, as they actually have solutions for most of the problems. Now, go download it! (Note that the download link, for some reason, gets blocked by Norton’s AdBlocker)