speaking as I have an over 4 TB music collection,(luckily, I've kept every cd I ever bought, except a few stinkers, and ripped them as original .wav file using EAC or CDparanoia) audacious does a good job of playing everything I throw at it, except some of my very first .wav's I ripped or composed back in the early 90's, before MP3 was out.
Of course, back then I only had a 10 Meg hard drive, so I could only rip 5-10 second pieces of music from Cd's... but it's still funny as hell when Joe Walsh's intro to Meadows pops up inverted (I ripped the first 10 seconds where he does his vocal theatrics, then reversed it)..
now, if you want to include mp4/mkv video files, then you'll need to go to VLC, it seems to handle my 24 TB film collection being served as UPnP via mediatomb just fine.
just because xx size is overkill to you, doesn't mean someone else doesn't have a valid reason why they need it.
p.s. I also rsync (always using append) my entire collection over to two different backup servers on a weekly basis... to lose everything I've ever done on computer from music, to film, to documents, to photos, to .... would be catastrophic.
p.p.s. fuck Itunes. Never used it, even when I had an Ipod, it was always a bloated piece of crap. It sure was a PITA to hack the Ipod to install an os that allowed me to drag and drop music files on it, instead of that Itunes bullshit filesystem (those who know, know, those who don't, just ignore this)