I was going to write a real good review of the new iTunes 7.4 but the folks at Mac User beat me to it. Below you will see their review.
“As updates to iTunes go, 7.4 whelms in an underly sort of fashion. The marquee feature might be ringtones, but you’ll be hard-pressed to find any in the iTunes Store or your personal collection, as Apple hasn’t rolled them out yet. You can always turn on the Ringtone column in the Music Store (right-click on the column headers and check off Ringtone), but you won’t see any little bell icons for your auditory amusement.
Ringtones aren’t the only new functionality in 7.4. Apple’s also revised iTunes’s video playing capabilities, thank heavens. If you choose to play video back inside the iTunes window, it will now blackout the entire window to show you a video, instead of just playing in the postage-stamp sized frame in the bottom left. Smart money’s still on viewing in a separate window or in QuickTime, if you ask me, but some will appreciate it, no doubt.
And for those Ratings fiends among you—and I know you exist—, iTunes 7.4 lets you not just rate individual tracks, but albums as well. You can either do that by switching to the “grouped” view (the middle view button), or by enabling the Album Rating column (right click on any column header. And this is kind of cool: if you’ve rated individual tracks on an album, it looks like iTunes will actually calculate the album rating for you, based on those ratings (you can override it, if you feel like it).
Finally, 7.4 brings one last improvement for those who’ve spent a little too much time with their volumes cranked to the max. The new version of iTunes now supports displaying closed captioning on video, where available. Go to Preferences -> Playback and check off “Show closed captioning when available.” At last! Movies I can read. My librarian (and hard of hearing) parents will approve.”