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.
Another new feature is Up Next, which shows what songs are going to play next. According to the update notes, you can "reorder, add or skip songs whenever you like." The MiniPlayer now shows the album cover and adds the Up Next feature.
While we'll wait to give you a full writeup on this app, check out the gallery above to get an idea of the look of the latest iteration of iTunes.