We're still waiting for the newest version of iTunes, which Apple introduced in September during its iPhone 5 media event. The makeover, which will undoubtedly end up as version 11.0 (though Apple isn't publicly referring to it as such), consists of a "dramatically simplified new interface," better iCloud integration, a revamped mini-player, and Facebook integration.
iTunes has walked a long road to reach this point—version 1.0 appeared in January 2001. While we're waiting for Apple's new ship date of "late November" to arrive, let's take a look back at how iTunes has evolved in the last 12 years.
iTunes 1.0: "World’s Best and Easiest To Use Jukebox Software"

As mentioned above, iTunes was first released in January 2001. Apple advertised it as the most amazing jukebox software the world has ever seen, allowing users to rip CDs into MP3s and organize their music within an easy-to-use interface. The tagline "Rip. Mix. Burn." essentially came from this release—Apple emphasized the ability of users to make their own CD mixes and re-burn them back to CD, like a mix tape. At the time of this release, the iPod had not yet made its public debut—that came later in the year. So those MP3s you were ripping? They were meant to be synced to some other MP3 player, such as those that were available from Creative Labs or Rio. A week after the original release of iTunes, Apple announced it had seen a whopping 275,000 downloads from Mac users.
iTunes 2.0: Enter the iPod

The second full-point release of iTunes came 10 months after the first. That was because Apple finally revealed its ultra-secret project: the iPod. Apple advertised this release of iTunes as having "seamless integration" with its new MP3 player, with songs and playlists automatically syncing to the iPod over FireWire. Apple also added an equalizer and cross fading with this release, and began bundling iTunes with OS X. The software also allowed users to burn CDs of MP3 files, not just traditional CDs, so people could store more music than ever on their iTunes-mixed CDs.