First off, it appears that Apple is in the middle of a huge social networking push, and that iTunes 9 is a big part of that. Apple wants to integrate iTunes into a social application that they intend to release sometime in the near future. This new feature is supposedly similar to Yahoo's OneConnect, a social media service that merges your messenger, phone, and social network contacts together and allows you to contact each one through a variety of ways. OneConnect is a mobile application, but Apple's new program could be for the iPhone or desktop.
Apple is also adding in the ability to share what music you're listening to with other people on your network. You'll also be able to connect with, and share your music choices with people you aren't directly connected to (eg; friends of friends). You'll be able to announce your 'music status' (whatever that means) to all of your friends as well.
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The last new feature is apparently the ability to sort your applications by alphabet, genre, date added, or whatever other criteria you pick. On the whole, iTunes 9 is shaping up to be the most interesting update we've seen out of Apple in a long time. With any luck, we'll get a few more dollops of rumor before it finally hits.