I really like the redesign visually and speed wise. It's impressive since I haven't used Itunes regularly in half a decade. My main program of choice has been Foobar2000. It's instantaneous in its library even with 100 thousand songs. When I heard the new itunes was much faster and saw the beautiful screenshots I had to check it out.
Itunes 10 opening speed with a large library was well over 15 seconds on an SSD. Itunes 11 is now around 2. Foobar2000 is about half a second, but still, very impressive.
The minimal features are nice and your average luddite will love it. I love the new album/artist view. At times it's too minimal, for instance the hidden menu bar, you have to click a tiny button in the top left and 'enable menu bar', I'm sure that will trip many people up. The old annoyances are still there. Folder Management is still essentially manual, either add folder (after enabling old menu bar) or drag to the "add to Itunes library". To me this just seems archaic, every other music player out there will watch a folder. You have to sign up with an Apple ID to automatically search for album art! Really? The only other option is to manually 'get info' and add the album in, Itunes won't read images in folders (folder.jpg for example). Apple then embeds and mangles the audio files. I much prefer foobar, I can not only efficiently add high quality album art with an external (album art downloader) program but can have booklet/back/cd images as well.
The other aspect is all the extra crud Apple still adds when you install the program, several extra services and processes (itunes helper, apple updater), that just serve to annoy you. Even though I have 32GB of ram it's still fairly crazy Itunes uses 300mb of ram with just 10 albums added, foobar2000 was around 50mb.Still kudos to apple for taking on their most obviously lacking product and making even me think twice about my player choice, time will tell what the future is as spotify and other services seem to be what many are moving towards.