Early this morning, Apple officially released iTunes 7.7. After launching the application for the first time, I saw the little "Applications" icon in the sidebar. I clicked it as quickly as my little mouse would move, only to find a list of the iPod applications I had previously bought and nothing more. Looks like it's not up.
Not so fast.
The folks at MacRumors noticed that is up, just hidden. All you've got to do is search for the name of an application and you'll be brought right to it. Super Monkey Ball, for instance [App Store Link]. They can't be transferred to an iPhone or iPod touch as of this writing, but expect that to change soon.
Have fun poking around, and stay tuned to TUAW for more in-depth coverage.